Brent tops $90 as US-Iran attacks disrupt Hormuz oil traffic
Why it matters: The strait carries about one-fifth of global oil trade, and tanker transits fell to four on Sunday from eight a day earlier.
Brent crude rose above $90 a barrel on Monday, its highest level since June 11, as escalating US-Iran attacks and competing blockades disrupted shipping through the Strait of Hormuz. Brent futures were up 3.14% at $90.87 by 0612 GMT, while US West Texas Intermediate gained 2.85% to $84.84. The move extended last week’s surge of nearly 16% in both benchmarks. The conflict intensified over the weekend with a ninth straight night of US strikes on Iran, while Kuwait and Bahrain reported additional Iranian attacks. LSEG data showed four vessels transited Hormuz on Sunday, down from eight the previous day. A vessel was also reported on fire northwest of Oman’s Kumzar, according to the UK Maritime Trade Operations agency.