Brent Oil $90 Barrel: Prices Surge as Strait of Hormuz Blockade Fears Grow

OIL MARKET – (Special Correspondent/Web Desk) – Oil prices jumped again on Monday. Brent oil crossed the $90 barrel mark for the first time since mid-June. The jump came after fresh fighting between the US and Iran shook the Middle East. Traders are now watching the region very closely.

Brent crude futures rose by more than 2%. Prices touched $90.19 a barrel early Monday. This is the highest level seen in weeks. Last week alone, Brent posted its biggest weekly gain since April, climbing almost 16%.

US oil also moved higher. West Texas Intermediate crude rose past $84 a barrel. That is its strongest price since mid-June too. Like Brent, US crude also had its biggest weekly rise since early March.

The main reason behind this spike is the growing Strait of Hormuz blockade risk. This narrow sea route carries a huge share of the world’s oil. Any threat to it tends to push prices up fast.

Over the weekend, the US carried out more strikes on Iran. This marked nine straight nights of attacks. At the same time, Iran’s allies in the region also felt the pressure, with Kuwait and Bahrain reporting new strikes from Iranian forces.

Iran’s Revolutionary Guard said two oil tankers were hit and disabled. It claimed the ships were trying to use an unsafe route through the strait. Iran also said the US had pushed the vessels toward that path. These claims have not yet been independently confirmed.

Shipping traffic through the strait has already started to slow down. Just four vessels passed through on Sunday. That is down from eight the day before. Even so, a few tankers still entered the strait to load oil since Friday.

A ship was also seen on fire near Oman’s coast early Monday. Maritime safety officials confirmed the incident but gave few details.

Market experts say the situation is serious. Analysts from ING noted that tensions in the Gulf show no signs of slowing down. They warned that if this keeps escalating, wider attacks across the region could follow.

Other experts pointed out that oil supplies are already tight. Barclays analysts said inventories are at their lowest levels in five years. That means even small disruptions could cause bigger price swings in the coming days.

For now, all eyes remain on the Strait of Hormuz. Traders, shippers, and governments are watching how the standoff between the US and Iran plays out. Any further disruption could push oil prices even higher in the days ahead.

The world is now bracing for what comes next. With tensions still rising, oil markets may see more sharp swings very soon.