Middle East Tensions Send Oil Prices Soaring Above $90
Oil prices surged more than 2% on Monday to break above $90 a barrel as tensions in the Middle East escalated. The Brent international benchmark rose after a fresh flare-up in the US-Iran war, with the conflict entering its sixth month.
The price spike came a day after the United States said it had attacked Iranian rocket launchers on a small island in the Strait of Hormuz, prompting Tehran to retaliate with missile strikes against US military targets in Jordan.
President Donald Trump vowed that the US would hit back against Iran's attacks, according to Fox News. The exchange has revived concerns about the conflict in the Gulf and its impact on global energy markets.
Stephen Innes of Quintex Intel noted that 'the move is another reminder of how quickly the geopolitical premium can return' for oil traders.