The U.S.-Iran military conflict continued to drive oil prices higher during this monitoring period. Brent crude breached $90 per barrel, with market concerns that further escalation could push prices above $100. Shipping through the Strait of Hormuz remains severely disrupted, and global oil inventories are nearing exhaustion.
- Brent crude settled at $90.49 per barrel, with an intraday high of $91.52, a daily gain of 2.71%.
- Economist Cyrus de la Rubia warned that oil prices could exceed $100 if escalation continues.
- Strait of Hormuz traffic remains severely disrupted, and global oil inventories are nearing exhaustion.