Brent tops $90 as Strait of Hormuz tensions shake oil markets
Oil prices posted their biggest weekly gain since April (photo: Getty Images)
Oil prices continued to climb after a US-Iran ceasefire collapsed earlier this month, disrupting supplies through the Strait of Hormuz, Reuters reports.
As of Monday, Brent crude futures rose by $2.09, or 2.37%, to $90.19 per barrel. This was the highest level since June 11. Brent gained 15.9% last week, marking its biggest increase since April.
Meanwhile, US West Texas Intermediate crude was priced at $84.20 per barrel, up $1.71, or 2.07%. This was the highest level since June 12. Oil prices rose by 15.5% last week, marking their biggest weekly increase since early March.
Amid renewed fighting, the United States and Iran have again targeted shipping in the Strait of Hormuz in recent days. The route normally carries one-fifth of the global oil trade.
In particular, the United States says it is blockading Iranian ports, while Iran says it is pursuing vessels that violate its rights and shipping in the strait.
According to LSEG data, only four vessels passed through the strait on Sunday, down from eight a day earlier.
