Oil Prices Surge Past $90 as US-Iran Deal Expires

Oil prices have surged past $90 per barrel as concerns about energy supply disruptions in the Strait of Hormuz intensify following the expiration of the US-Iran interim peace deal.

The Brent crude futures price rose 0.5 percent to $91.36 a barrel, marking its highest level since July 30, while US West Texas Intermediate crude futures increased 0.8 percent to $85.13, reaching a new high since July 31.

Both benchmarks have seen significant gains this year, with Brent up more than 40 percent and WTI also up over 40 percent.