Hormuz Crisis Sends Brent Above $91 as Eight Oil Giants Rake In $87 Billion Q2 Profit

Renewed tensions around the Strait of Hormuz have pushed Brent crude prices above $91 per barrel, as markets react to heightened fears of disruptions to global oil supplies.

The latest incident involved a cargo vessel being struck by an unidentified projectile while transiting the strait, causing damage and a crew casualty. The UK Maritime Trade Operations reported the incident on Tuesday.

This comes amid ongoing security concerns over control of the strategic shipping route, through which a significant proportion of global oil and liquefied natural gas supplies pass.

Brent crude was trading 0.69% higher at $91.50 per barrel in early Asian markets, while West Texas Intermediate rose 0.92% to $85.28.