Commodities
Brent Oil Price Hits Near $90 Amid Hormuz Strait Disruptions
The Brent oil price has risen to near $90 per barrel due to concerns over disruptions in the Middle East, particularly in talks to reopen the Strait of Hormuz.
The international benchmark for crude oil, Brent futures for October delivery, reached a level of $89.53 at 08:00 GMT on Wednesday, according to Al Jazeera.
This represents a significant increase, with prices up by over 2% overnight and more than 24% higher than before the start of the US-Israel war on Iran in late February.
Tim Waterer, chief market analyst at Australia-based KCM Trade, said markets have not completely lost hope for a deal but confidence is eroding. 'Markets have not completely lost hope for a deal, but confidence is clearly eroding,' he told Al Jazeera.