Oil Prices Soar Past $90 as US-Iran Conflict Escalates

Oil prices surged past $90 per barrel on Monday as tensions between the US and Iran escalated, sparking fears of disrupted Middle Eastern oil supplies. The price jump came after a series of missile strikes by Iran against US military bases in Jordan.

The latest exchange marks a significant escalation in the ongoing conflict between the two nations, which has been ongoing for over six months. The war has already had a profound impact on global oil markets, causing the biggest geopolitical disruption to supplies since the 1973 and 1990 oil crises.

US Treasury Secretary Scott Bessent warned that another bank will face sanctions this week as part of Washington's efforts to cut Iran off from the global financial system. Bessent emphasized that the US is watching banks and trading partners dealing with Iran, stating 'We know who you are… and this has got to stop.'

With China being a key player in the conflict due to its significant oil purchases from Iran, Bessent noted that all options are on the table when it comes to addressing China's role. The Treasury Secretary also plans to meet with Chinese officials during the G20 finance meetings.