Middle East Tensions Drive Oil Prices Above $90 Per Barrel

Rising tensions in the Middle East are driving up oil prices, with Brent crude exceeding $91 per barrel as investors assess the risk of disruptions to global energy supplies.

The latest increase comes amid escalating fighting in the region, which is raising concerns about further disruptions to energy flows and supporting continued gains in crude oil futures.

Oil markets are closely watching developments in the war involving Iran, with U.S. forces targeting two Iranian missile launchers on the island of Larak, prompting Tehran to respond with attacks in the United Arab Emirates and Jordan.

The moves marked a resumption of hostilities between the United States and Iran after about a month of relative calm, with U.S. President Donald Trump extending his military threats to Kharg Island, a key Iranian oil export hub.

Natural gas prices are also rising in Europe, exceeding €70 per megawatt-hour for the first time since early 2023, mainly due to sluggish pace of gas storage replenishment in recent months.