Crude oil prices traded near $90 per barrel on Monday, extending their rally as the conflict between the United States and Iran widened across the Gulf, disrupting shipping through the Strait of Hormuz, threatening key oil export infrastructure and heightening fears of a broader supply shock.
Data from Oilprice showed Brent crude rose 1.46 percent to $89.39 per barrel, while West Texas Intermediate (WTI) gained 1.30 percent to $82.84 per barrel, lifting both benchmarks to their highest levels since June 10.
The latest gains followed a ninth consecutive day of US air strikes on Iranian military targets, with Washington saying the campaign was aimed at degrading Tehran’s ability to threaten commercial shipping through the Strait of Hormuz, the world’s most important oil transit chokepoint.
Brent has gained more than $10 per barrel in recent trading sessions as geopolitical tensions intensified, reflecting a growing risk premium amid fading hopes of a
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