Global oil markets have moved upward again amid rising tensions between Iran and the United States, along with concerns over possible disruptions in the Strait of Hormuz.
Benchmark Brent Crude climbed to $94.87 per barrel, while West Texas Intermediate reached $88.77 per barrel, highlighting growing worries about supply interruptions in one of the world’s most vital oil transit corridors.
Market analysts note that any instability in the Strait of Hormuz—through which a significant share of global oil shipments passes—tends to drive prices higher due to fears of reduced supply.