The price of Brent crude on global markets has again moved above $90 per barrel amid continuing escalation between the United States and Iran.
On the morning of Monday, July 20, the September Brent contract on London’s ICE exchange was trading at $90.8 per barrel. That was 2.8% above the previous session’s close.
Brent had not traded above the $90 mark since mid-June. At the same time, US benchmark WTI was also gaining.
September WTI futures were trading at $84.7 per barrel on the morning of July 20, up 2.2%.
According to the report, the rise in oil prices is tied to the war in the Middle East. It says that Iran has been attacking oil tankers in the Strait of Hormuz, while the US says it is striking Iranian military infrastructure in response to attacks on civilian vessels.
Iran, in turn, is said to be attacking military targets in neighboring countries linked to the United States. Against this backdrop, market participants are pricing in the risk of further escalation and possible disruptions to oil supplies.