Commodities
Oil Prices Surge Above $90 as US-Iran Conflict Escalates
Oil prices surged above $90 per barrel on Monday after a fresh escalation in hostilities between the United States and Iran.
The Brent North Sea crude benchmark rose 2.5% to $90.26, while West Texas Intermediate gained 2.5% to trade at $85.51.
Stephen Innes of Quintex Intel noted that physical flows through the Strait of Hormuz had improved from their worst levels, but the latest military exchange showed how fragile the situation remained.
The US-Iran conflict has reached its six-month mark, reviving concerns over security in the Gulf and the future of oil shipments through the Strait of Hormuz.
US Federal Reserve chief Kevin Warsh signaled that the Fed could tighten monetary policy further to contain inflation, which currently stands at 3.7%.