Oil prices rose above $90 a barrel during Asian trading on Monday, reaching their highest level since June as the escalating conflict in the Middle East heightened concerns over global energy supplies.
The gains came after the US military said it had carried out airstrikes against Iran for a ninth consecutive night, while reports also emerged of a vessel on fire in the Strait of Hormuz, a key global oil shipping route.
Brent climbs above $90
At around 4:00am Cyprus time, the price of September Brent crude rose 2.72% to $90.50 a barrel.
Meanwhile, US benchmark West Texas Intermediate (WTI) crude gained 2.39%, trading at $86.46 a barrel.
Supply concerns drive market gains
The latest increase reflects growing fears that further escalation in the Middle East could disrupt energy supplies, particularly through the Strait of Hormuz, one of the world’s most strategically important maritime chokepoints for oil exports.
Markets continue to monitor developments in the region closely as geopolitical tensions weigh on global energy prices.
Also read: US-Iran tensions escalate with strikes on land and at sea
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