Brent nears $90 as Hormuz tanker attacks jolt oil market
What's new: Brent hit $89.40 after tanker traffic through the strait slowed sharply over the weekend and US-Iran talks remained stalled.
Oil prices climbed again Monday, with Brent crude nearing $90 a barrel, as tanker attacks in the Strait of Hormuz and stalled US-Iran diplomacy revived fears of supply disruption. Brent rose as much as 1% to $89.40 a barrel, while US West Texas Intermediate traded at $82.83. Both benchmarks had already gained more than 5% last week. Ship-tracking data from Kpler showed five commodity vessels crossed the strait on Saturday and none were registered for Sunday, down from 31 over the prior weekend. The United Arab Emirates accused Iran of attacking a third vessel operated by Abu Dhabi National Oil Company after two earlier incidents, while Saudi Aramco facilities were also hit.