Iran Conflict Sends Oil Prices Soaring to $91.67 per Barrel

Renewed tensions between the United States and Iran have pushed oil prices higher as concerns grow about potential supply disruptions in the Middle East. Brent crude futures rose 1.3% to $91.67 per barrel, while U.S. West Texas Intermediate crude futures increased 1.48% to $87.03.

The Strait of Hormuz, a critical shipping route that carries around one-fifth of global oil supplies, continues to see below-normal activity. Just five ships passed through the strait on Monday, compared to an average of 14 over the past 10 days.

Analysts warn that oil market support could continue as supply buffers decline, with U.S. inventories approaching lower levels and global oil flows through the Strait of Hormuz remaining below previous levels.