Oil Prices Surge Above $90 As US-Iran Tensions Escalate In Middle East
Oil prices climbed above $90 a barrel as escalating US-Iran tensions and fresh strikes in the Middle East raised concerns over supply disruptions. Brent crude, the global benchmark, rose 2. 7% to $90. 49 a barrel after touching $91. 41, its highest level since June. The surge came as the US launched its ninth consecutive night of strikes […]
Oil prices climbed above $90 a barrel as escalating US-Iran tensions and fresh strikes in the Middle East raised concerns over supply disruptions. Brent crude, the global benchmark, rose 2. 7% to $90. 49 a barrel after touching $91. 41, its highest level since June. The surge came as the US launched its ninth consecutive night of strikes against Iran, following the collapse of a fragile ceasefire agreement signed a month earlier. The conflict has intensified the struggle for control over the Strait of Hormuz, a key route for global energy shipments. The US reported the death of a third American service member after two personnel were killed in an Iranian attack on a Jordanian base, with another missing. President Donald Trump said the US had “hit them very hard again” in response. The British military also reported a ship fire near Oman’s coast in the Strait of Hormuz, while Iran’s Revolutionary Guard claimed two oil tankers were damaged and immobilised while attempting to pass through the waterway. The claim has not been independently verified. Meanwhile, Middle East uncertainty has affected global travel demand. Irish airline Ryanair said its first-quarter average fares fell 6% year-on-year due to consumer caution, fuel concerns, and economic uncertainty. The airline reported a 34% decline in quarterly profit after tax to €538 million.