Brent Crude Surges Past $90 Amid Middle East Conflict

Oil prices continued their upward trend on Tuesday as uncertainty surrounding the Middle East conflict persists. Brent crude surpassed $90 per barrel, reaching its highest level since July 30. The increase in oil prices is largely due to concerns over the disruption of shipping through the Strait of Hormuz.

The US has ruled out extending the temporary ceasefire, while Iran's military posture is becoming more aggressive. A senior Iranian official stated that Tehran would adopt a 'fully offensive' approach after negotiations stalled. This development has weakened expectations of renewed peace talks and a return to normal tanker movement through the Strait of Hormuz.

WTI crude was trading at $85.28 per barrel, up 0.92%, while Brent crude rose 0.75% to $91.55 per barrel. The disruption to shipping has become increasingly apparent, with only five commodity vessels crossing the Strait of Hormuz on Saturday compared to 31 during the previous weekend.

Tensions have also spread beyond the Gulf, with Yemen's Houthis claiming to have attacked a Saudi military vessel and four escort ships using missiles. Meanwhile, Iran is conducting separate discussions with Oman concerning arrangements for managing traffic through the Strait of Hormuz.