US-Iran Tensions Push Brent Crude Above $91, Oil Hits One-Month High
Escalating military tensions between the United States and Iran have driven global crude oil prices to their highest level in over a month, amid growing fears of supply disruptions through the strategic Strait of Hormuz.
Global crude oil prices surged to a one-month high on Monday as escalating military tensions between the United States and Iran heightened concerns over potential disruptions to global energy supplies. The rise comes as markets closely monitor developments in the Middle East, particularly around the Strait of Hormuz, a critical maritime route that handles nearly one-fifth of the world's seaborne oil shipments. Benchmark Brent crude climbed above $91 per barrel, its highest level since June 11, while U.S. benchmark West Texas Intermediate (WTI) also posted strong gains. Both benchmarks had already risen by more than 4% at the end of last week as investors reacted to the increasing risk of supply interruptions. Analysts say uncertainty surrounding the Strait of Hormuz has intensified market volatility, with fears that any disruption to oil transportation through the strategic waterway could further tighten global supply and keep prices elevated.