- Brent crude oil prices surged above $90 a barrel, reaching their highest in over a month, due to escalating US-Iran hostilities in the Middle East.
- The conflict has intensified with US forces conducting strikes against Iran, and Iran retaliating against American allies Kuwait and Bahrain.
- Both nations are escalating attacks on shipping in the Strait of Hormuz, a critical waterway through which approximately a fifth of the world's oil normally transits.
- Incidents include a US naval blockade, Iran targeting tankers, and a third vessel reportedly on fire, leading to a sharp reduction in ship transits.
- Analysts warn that the oil market may be underestimating the significant risk to global supply, given the potential for wider conflict and already tight inventories.
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