Oil jumps to $90 per barrel as Iran-US resume strikes over Strait of Hormuz
Crude oil prices have risen above $90 per barrel after the United States and Iran resumed military strikes over the Strait of Hormuz, reviving concerns about disruptions to global oil supplies through the strategic waterway. The post Oil jumps to $90 per barrel as Iran-US resume strikes over Strait of Hormuz appeared first on Nairametrics .
Crude oil prices surged above $90 per barrel following a renewed cycle of military strikes between the United States and Iran over the Strait of Hormuz. The conflict erupted on Monday, August 31, after the US targeted Iranian rocket launchers on Larak Island, prompting Iran to respond with missile and drone attacks on US bases in Jordan.
Brent crude futures increased by $2.21, or 2.51%, to $90.31 a barrel, while US West Texas Intermediate (WTI) crude climbed $1.83, or 2.19%, to $85.23. The US military had previously warned that Iranian forces were planning to deploy sea mines into the Strait of Hormuz, prompting Captain Tim Hawkins to note that Iranian Revolutionary Guard Corps forces appeared to be preparing to launch rockets carrying sea mines.
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