Brent Crude Briefly Breaks $90 After U.S.-Iran Escalation in Strait of Hormuz
Brent crude oil prices briefly surged to $90 per barrel in Asian trade on Monday following a sharp escalation in the Middle East conflict. The U.S. launched a ninth consecutive night of strikes against Iran, while Iran's Islamic Revolutionary Guard Corps claimed attacks on U.S. aircraft in Jordan, military bases in Kuwait and Syria, and oil tankers in the Strait of Hormuz. Both Brent and WTI crude rose 2% in early trading before retreating. U.S. Secretary of State Marco Rubio stated that strikes would continue until Iran stops attacking vessels in the international waterway. The re-escalation has brought Strait of Hormuz transits to a near standstill, raising global oil supply concerns during peak demand season. By the time of writing, Brent had fallen back to $88.64 and WTI to $82.67.
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