Global oil prices climbed to a one-month high on Monday as escalating hostilities between the United States and Iran heightened concerns over crude supply through the Strait of Hormuz, a key global oil shipping route.
Brent crude rose 2.37 per cent to $90.19 per barrel by 0241 GMT, gaining $2.09 and reaching its highest level since June 11. The benchmark had already surged 15.9 per cent last week, marking its biggest weekly gain since April.
U.S. West Texas Intermediate (WTI) crude also advanced, rising 2.07 per cent to $84.20 per barrel, its highest level since June 12, after recording a 15.5 per cent gain last week, the strongest weekly performance since early March.
Market sentiment was driven by the worsening conflict in the Middle East, with the United States carrying out a ninth consecutive night of strikes against Iran, while U.S. allies Kuwait and Bahrain also reported Iranian attacks.
Analysts at ING said Brent crude had broken above $90 per barrel amid growing concerns that continued escalation could trigger wider disruptions across the Gulf and threaten global energy supplies.
The Islamic Revolutionary Guard Corps (IRGC) said two oil tankers exploded and were left stranded after attempting to navigate what it described as an unsafe southern route through the Strait of Hormuz, alleging that the vessels had been encouraged by the U.S. military to use the passage.
Data from LSEG showed that only four vessels transited the Strait of Hormuz on Sunday, compared with eight the previous day, reflecting the growing impact of regional tensions on maritime traffic.
The data also showed that at least three oil products tankers and one Very Large Crude Carrier (VLCC) have entered the strait since Friday to load crude oil, underscoring continued concerns over the security of one of the world’s most important energy corridors.
