Brent Crude Surges Past $90 on Strait of Hormuz Tensions

Crude oil prices surged Monday as renewed U.S.-Iran fighting intensified concerns over energy flows through the Strait of Hormuz, sending Brent crude back above $90 a barrel and West Texas Intermediate above $85.

The rally puts geopolitical supply risk back in control of the market, even as weaker demand forecasts and planned OPEC+ production increases threaten to limit further gains.

Brent Crude futures rose $2.21, or 2.5%, to $90.31 a barrel by 0436 GMT on August 31, while U.S. West Texas Intermediate gained $1.83, or 2.2%, to $85.23.

The move followed U.S. strikes on two Iranian launchers on Larak Island in the Strait of Hormuz, and subsequent attacks by Iran on two U.S. air bases in Jordan, according to Iranian media cited by Reuters.