Brent tops $90 as US-Iran fighting reignites Middle East oil fears
Why it matters: Brent climbed about 7% as threats to the Strait of Hormuz and Red Sea shipping raised supply risks.
Oil prices surged Wednesday after fighting between the United States and Iran flared again, pushing Brent crude above $90 a barrel and reviving fears over Middle East supply routes. The jump followed reports that Iran’s Islamic Revolutionary Guard Corps fired ballistic missiles at a US airbase and command center in Jordan, while Iranian media later reported US strikes on Iranian territory. The latest escalation added to concern over traffic through the Strait of Hormuz and the Red Sea, two critical energy chokepoints. Bloomberg reported Brent rose about 7% in a session marked by sharp volatility after weeks of swings tied to the conflict and shifting expectations for diplomacy.