Brent Crude Pulls Back After Topping $90 as Markets Assess US-Iran Conflict

Oil prices retreated from earlier highs on Monday after an Iranian foreign ministry spokesperson signaled potential for negotiations with the United States. Brent crude was up 0.2% at $88.26 a barrel after earlier climbing to a more than five-week high of $90.75. The United States carried out military operations against Iran for a ninth consecutive day, reinforcing concerns about shipping disruptions through the Strait of Hormuz. Iran reported two oil tankers had been hit and disabled, and its Revolutionary Guards launched attacks against U.S. aircraft in Jordan and military assets in Kuwait and Syria. The renewed exchange of military action follows a ceasefire framework that has largely broken down. ANZ analysts noted that supply concerns remain bearish, with Strait of Hormuz transit volumes falling to single digits. Brent has experienced sharp swings since the conflict escalated in late February, briefly exceeding $110 before retreating to around $70 following the June ceasefire agreement.