Brent tops $90 as US-Iran fighting reignites oil supply fears
What's new: Barclays estimated Strait of Hormuz exports fell to 2.9 million barrels a day in the week ended July 24, about half the prior week.
Oil prices swung sharply this week as hopes for a pause in US-Iran fighting gave way to a renewed jump in hostilities. On Wednesday, Brent crude climbed above $90 a barrel after President Donald Trump warned Iran would be hit again following an attack on US forces in Jordan. A day earlier, prices had fallen about 1% as traders weighed a possible diplomatic off-ramp. Markets remain focused on whether conflict will further disrupt flows through the Strait of Hormuz and the Red Sea, where Tehran-backed Houthis have also threatened shipping. Analysts said the latest fighting keeps pressure on energy markets even as demand weakness in Asia limits gains.