Brent crude oil prices have spiked over $90 following the ongoing disruptions in the Strait of Hormuz due the US-Iran conflict.
The oil prices surged by 3 percent on Monday after a spike of around 15.9 percent last week.
International benchmark Brent crude futures rose to $2.69, or 3.05 percent, to $90.79 by 23:43 GMT, marking its peak since June 11, 2026.
However, US West Texas Intermediate crude climbed up by $2.19, or 2.65 percent from $84.68 a barrel which is the highest since June 12, 2026.
The surge in oil prices is accelerating significantly amid the US carrying out ninth straight night of attacks against Iran, meanwhile Iranian strikes against US allies Kuwait and Bahrain have also been reported.
According to London Stock Exchange Group’s report, only four vessels were able to pass through the Strait of Hormuz on Sunday, which was half of the previous day.
