Oil Prices Soar Above $91 as Middle East Tensions Escalate
Oil prices have surged above $91 per barrel as concerns over supply disruptions in the Middle East continue to escalate. The latest increase comes as diplomatic efforts between Washington and Tehran remain stalled, with Iran signaling a more aggressive military posture.
The Strait of Hormuz, a critical route for global energy supplies, has seen significantly reduced commercial shipping activity, with just five commodity vessels passing through on Saturday compared to 31 during the previous weekend. The disruption has intensified market concerns, with Brent crude futures rising 27 cents to $91.14 per barrel and US West Texas Intermediate crude futures gaining 42 cents to $85.04 per barrel.
The conflict began after US and Israeli attacks on Iran in February, disrupting one of the world's most important energy corridors. Despite reports of a possible US back channel to Iran's Islamic Revolutionary Guard Corps, negotiations show little visible progress, leaving oil markets highly sensitive to any further escalation or developments affecting the region's major shipping routes.