Hormuz Fears Send Oil Prices Soaring Above $91 per Barrel

Oil prices have surged above $91 per barrel as renewed tensions between the US and Iran revive fears of disruption to Gulf energy flows. The price of Brent crude rose about $1.05 to $91.54 in Asian trade, while West Texas Intermediate gained $1.27 to $87.03.

The latest escalation has shifted attention back from diplomacy to the physical risk around the world's most important oil chokepoint. Only five commodity vessels were recorded transiting the Strait of Hormuz on Monday, well below the 10-day average of 14.

Analysts warn that a prolonged supply disruption is possible due to both sides appearing to prepare for a drawn-out confrontation rather than a quick diplomatic settlement. This has given Brent, the global seaborne benchmark, a stronger geopolitical premium than WTI.