Oil Prices Soar Above $90 Amid Renewed US-Iran Tensions

Oil prices surged above $90 per barrel on Wednesday after President Donald Trump announced additional strikes against Iran, reigniting concerns about Middle Eastern oil supplies and maritime transport in the region.

Brent crude closed near $91 per barrel, gaining around 8%, following its most severe three-day drop since 2020. The price increase comes as military hostilities between the U.S. and Iran continue to disrupt regional stability and energy movements.

RBC Capital Markets analysts led by Helima Croft expressed doubts about a near-term diplomatic resolution, warning that persistent threats to shipping from missiles, drones, and mines will keep a significant portion of the tanker market inactive.