Oil prices above $90Â returned to global headlines on Monday after rising tensions in the Gulf raised fresh concerns about energy supplies. Traders reacted quickly as military exchanges between the United States and Iran intensified. The latest developments increased fears of shipping disruptions through one of the world’s most important oil routes.
Brent crude rose by more than 2% during early trading, reaching $90.19 per barrel. The benchmark touched its highest level since mid-June after posting a strong rally the previous week. Brent gained nearly 16% over the past week, marking its biggest weekly increase in several months.
U.S. West Texas Intermediate crude also moved higher. The benchmark traded at $84.20 per barrel, climbing just over 2% in early market activity. Last week’s gains exceeded 15%, making it the strongest weekly performance since early March.
The latest jump followed another weekend of military action across the Gulf region. The United States carried out additional strikes against Iranian targets, extending a series of operations that continued for several nights. At the same time, Kuwait and Bahrain reported new Iranian attacks, adding to concerns about regional stability.
Market analysts said investors continue to monitor every new development closely. Rising geopolitical risks have increased uncertainty across energy markets. Many traders now expect continued price volatility if the conflict expands further.
Analysts at ING noted that Brent crude moved above the $90 mark without any signs of easing tensions. They warned that continued military exchanges could trigger broader instability across the Gulf. Such conditions would likely place additional pressure on global energy supplies and transportation routes.
Iran’s Islamic Revolutionary Guard Corps announced that two oil tankers suffered explosions while attempting to use what it described as an unsafe southern route through the Strait of Hormuz. Iranian officials claimed the vessels followed guidance from the U.S. military. Independent confirmation of those claims had not emerged at the time of reporting.
Shipping activity through the Strait of Hormuz remains under close observation. The waterway normally carries about one-fifth of global oil trade, making it one of the world’s most strategic energy corridors. Any disruption there can quickly influence international oil prices.
The United Kingdom Maritime Trade Operations agency also reported a vessel on fire northwest of Oman’s Kumzar early Monday. The incident added another layer of concern for shipping companies operating in the region. Several operators continue to assess security risks before sending vessels through the area.
Barclays analysts said the coming days will reveal whether oil exports from the Gulf can continue without major interruptions. They argued that markets may underestimate the impact of prolonged disruptions on global inventories. Current stock levels remain tighter than they were at the beginning of the conflict.
Shipping data reflected growing caution among tanker operators. Only four vessels passed through the Strait of Hormuz on Sunday, compared with eight the previous day. Even so, several oil product tankers and a Very Large Crude Carrier entered the waterway to load cargoes after the recent escalation.
For now, oil prices above $90 highlight how quickly geopolitical tensions can reshape global commodity markets. Investors will continue watching military developments and shipping activity for signs of further disruption. As uncertainty persists, oil prices above $90 may remain a defining feature of the energy market in the days ahead.