Oil Price Climbs Above $90 as US Strikes Iranian Rocket Launchers

The price of oil has risen above $90 per barrel after the US launched strikes at Iranian rocket launchers in the Strait of Hormuz, a move that has put pressure on diplomatic efforts to resolve the conflict.

Iran's foreign minister, Abbas Araghchi, said that putting diplomacy back on track 'isn't possible' and that the US must understand that pressure does not work.

The price of Brent crude, the international benchmark for oil prices, climbed towards $91 per barrel after the strikes, which have continued to impact shipping volumes in the region.

Achilleas Georgolopoulos, senior market analyst at Trading Point, said that fresh military operations were pushing the oil price higher but added that the rally 'lacked momentum' to push it above previous highs seen during the conflict.