Brent Crude Nears $90 Amid Escalating Middle East Tensions

Oil prices have risen to near $90 per barrel due to escalating tensions in the Middle East, according to ING Think. The Strait of Hormuz has seen attacks on vessels, including those linked to Abu Dhabi National Oil Co., raising concerns about regional supply disruptions and potentially complicating a US-Iran deal.

The ICE Brent price remained supported by renewed fighting in Lebanon and these vessel attacks, which have increased supply risks. Money managers have taken a more bullish stance, increasing their net long position in ICE Brent to 240,748 lots as of last Tuesday, the largest since early June 2026.

In other markets, LME copper reached a record high of $14,396 per tonne due to supply tightness, while US oil rig counts rose for a third consecutive week. Ukraine's grain exports continue to be impacted by the closure of the Black Sea corridor, with rail and Danube routes helping to offset some disruptions.