Oil Prices Jump Above $90 Amid US-Iran Tensions in Middle East

Oil prices experienced a notable jump at the opening of Asian exchanges on Monday, with Brent crude futures rising over 3% to surpass $90 per barrel. This surge is largely attributed to the intensifying mutual attacks between the United States and Iran in the Middle East, which are impacting energy supply routes.

The price of September futures contracts for benchmark Brent crude climbed by $2.69 to $90.79 by 23:43 GMT, marking its highest point since June 11. Although the price saw a slight decrease after initial trading, it remained significantly elevated.

Similarly, the price of U.S. West Texas Intermediate (WTI) crude also saw a substantial increase. It stood at $84.68 per barrel, up $2.19 or 2.65 percent, reaching its highest level since June 12.

The heightened geopolitical tensions in the Middle East, particularly concerning the Strait of Hormuz, a critical chokepoint for global oil transport, are creating concerns about potential disruptions to energy supplies. This uncertainty is driving the upward pressure on oil prices.