London (TDI): Brent crude oil climbed above $90 per barrel on Monday for the first time in more than a month as intensifying military exchanges between the United States and Iran heightened concerns over disruptions to global energy supplies through the Strait of Hormuz.
Brent crude futures rose 2.37 per cent to $90.19 per barrel, while US West Texas Intermediate (WTI) crude gained 2.07 per cent to $84.20 per barrel in early trading.
The gains followed last week’s sharp rally, when Brent and WTI surged nearly 16 per cent, marking their biggest weekly advances in months.
Oil prices continued to climb after the United States launched a ninth consecutive day of strikes on Iranian military targets, while Iran carried out fresh attacks against US interests and regional allies, further escalating tensions in the Gulf.
The Islamic Revolutionary Guard Corps (IRGC) claimed two oil tankers had exploded and become immobilized while attempting to pass through what it described as an unsafe southern route in the Strait of Hormuz, alleging the vessels had been encouraged by the US military to use the passage. The incident could not be independently verified.
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The Strait of Hormuz, through which roughly 20 per cent of global oil trade normally passes, has witnessed a sharp decline in shipping activity amid the renewed conflict.
According to shipping data, only four vessels transited the strait on Sunday, down from eight the previous day, while at least three product tankers and one Very Large Crude Carrier entered the waterway since Friday to load crude oil.
The United Kingdom Maritime Trade Operations (UKMTO) also reported a vessel on fire near Oman’s Kumzar area, although the cause of the incident was not immediately known.
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Analysts warned that continued escalation between Washington and Tehran could significantly tighten global oil supplies. ING said the conflict risk remained elevated, while Barclays cautioned that markets may be underestimating the potential impact on global inventories if disruptions persist.
