Brent Crude Surges Past $90 as Middle East Conflict Escalates

Crude oil prices have surged past $90 per barrel as hopes of an early ceasefire in the Middle East conflict remain uncertain. Brent crude stood at $91.08 a barrel, up 21 cents or 0.23%, after rising to its highest level since July 30 on Monday.

The conflict has led to concerns over energy supplies, particularly through the Strait of Hormuz. The strait saw just five commodity vessels pass through on Saturday, down from 31 in the previous weekend, according to Kpler's ship-tracking data.

Iran signalled a shift towards a more offensive military approach, while the US ruled out extending the temporary ceasefire agreement. This has added to concerns over the conflict's impact on energy supplies and shipping through the Strait of Hormuz.