Crude Oil Prices Today: Brent Climbs Above $90 On US-Iran Tensions

Global crude oil prices surged on Monday, with the international benchmark Brent crude climbing above $90 a barrel as escalating military tensions between the United States and Iran heightened concerns over potential disruptions to global oil supplies through the strategically important Strait of Hormuz.

Brent crude rose nearly 3 per cent, gaining around $2.63 to trade above the $90-a-barrel mark after recording a strong rally in the previous trading session.

US West Texas Intermediate (WTI) crude advanced 3.51 per cent, or about $3, to reach $85.39 a barrel, reflecting growing anxiety across global energy markets.

The upward trend was also visible in the domestic market, where MCX crude oil futures for August delivery climbed 2.65 per cent, or ₹210, to an intraday high of ₹8,120 during morning trade.

The rally followed fresh military exchanges between Washington and Tehran over the weekend.

Iran declared that the ceasefire between the two countries had effectively collapsed, fuelling fears that the conflict could threaten oil shipments through the Strait of Hormuz, one of the world’s most critical energy transit routes.

The US military carried out a ninth consecutive night of strikes on Iranian targets, saying the operation aimed to weaken capabilities linked to attacks on commercial shipping.

Analysts expect crude prices to remain firm amid Middle East tensions, with MCX crude trading above ₹8,000.

Maritime concerns also increased after Iran intercepted four vessels in the Strait of Hormuz. Two reportedly suffered accidents, while the others turned back.

With geopolitical risks mounting and shipping security under increasing scrutiny, global energy markets are expected to remain volatile in the coming days as investors closely monitor further developments in the region.

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