Brent Crude Hits $90 Amid Strait of Hormuz Crisis Fears

The price of Brent crude oil has broken through $90 per barrel as concerns grow about a prolonged crisis in the Strait of Hormuz.

The recent price spike is attributed to divergent demands between Iran and the United States, which have raised market worries about potential disruptions to global oil supplies.

Brent crude for October delivery rose 2.46% to $89.88 per barrel, briefly touching $90.02. Its US counterpart, West Texas Intermediate (WTI) crude for September delivery, climbed 2.67% to $84.32 per barrel.