Hormuz Tensions Send Oil Prices Soaring Above $90

Oil prices have surged as renewed fighting between the US and Iran in the Middle East has raised concerns over potential supply disruptions from the world's key crude-producing region.

The Brent crude futures rose by 70 cents, or 0.75%, to $91.20 a barrel, while U.S. West Texas Intermediate crude rose 93 cents, or 1%, to $87.

The latest escalation has brought the possibility of Iranian retaliation back into focus, raising concerns about potential damage to energy infrastructure around the Gulf and creating fresh uncertainty over shipping through the Strait of Hormuz.

Mediation efforts by countries including Qatar and Oman have so far made little progress in reaching an agreement that would allow the Strait of Hormuz to reopen.