Brent crude briefly exceeded $90 per barrel as renewed military exchanges heightened fears of supply disruptions. Shipping activity through the Strait of Hormuz has slowed sharply as vessel operators avoid the conflict zone.
Prices later retreated after U.S. Central Command indicated its latest wave of strikes had concluded, easing some immediate market concerns.
Brent Crude prices briefly hit $90 per barrel in Asian trade on Monday as the Middle East conflict continued to escalate with fresh U.S. strikes on Iran and Tehran targeting American bases in the region.
Iran’s Islamic Revolutionary Guard Corps claimed they had targeted U.S. aircraft.
