Rising tensions between the US and Iran have led to increased uncertainty in the global energy market, causing oil prices to skyrocket. On Monday, Brent crude prices surpassed $90 per barrel, reaching $90.15, the highest level since June 11.
The price of Brent crude has increased by 2.33% or $2.05, while US WTI crude has also risen by 2.13% or $1.76 to $84.25 per barrel. Analysts attribute the surge in oil prices to the escalating conflict in the Middle East and the risk of disruptions to global oil supplies, particularly in the Strait of Hormuz, a critical shipping route.
The Strait of Hormuz is a vital waterway that accounts for nearly a fifth of global oil trade, and any disruptions to this route could significantly impact oil supplies. Recent days have seen an escalation in military activities between the US and Iran, with reports of attacks on US allies in the region.
The Iranian Revolutionary Guard has also claimed that two oil tankers were attacked while passing through the Strait of Hormuz, further increasing concerns about maritime traffic and global energy supply chains. Market participants are closely monitoring the situation, warning that oil prices could rise even higher if the situation in the Middle East deteriorates further.
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