Brent tops $90 as US-Iran attacks choke Hormuz oil traffic
What's new: only four vessels transited the strait Sunday, down from eight a day earlier, as dual blockades threatened tighter inventories.
Brent crude rose above $90 a barrel on Monday after the United States and Iran widened attacks that disrupted shipping through the Strait of Hormuz, a route that normally carries about one-fifth of global oil trade. Brent gained 3.05% to $90.79, while US West Texas Intermediate climbed 2.65% to $84.68. The latest escalation followed a ninth straight night of US attacks on Iran and reported Iranian strikes in Kuwait and Bahrain. Shipping traffic thinned sharply, with four vessels crossing the strait on Sunday versus eight the previous day, LSEG data showed. The UK Maritime Trade Operations agency also reported a vessel on fire northwest of Oman's Kumzar.
Sources
- The Business Times (Singapore)Tier 180% reliableRead →22 hours ago