International oil prices have spiked sharply amid fears that shipments through the Strait of Hormuz could halt due to escalating Middle East tensions.
Brent Crude Breaks $90 Barrier
The benchmark Brent crude futures price surpassed $90 per barrel on the 7th (local time). At the London ICE Futures Exchange, May delivery contracts climbed more than 6% from the prior session, trading at around $91 per barrel by 4 p.m. This marks the highest level since April 2024.
WTI Futures Surge Nearly 10%
U.S. West Texas Intermediate (WTI) crude also posted strong gains. April delivery futures on the New York Mercantile Exchange rose approximately 9.8% to trade near $89 per barrel during the same period.
Tensions Fuel Market Uncertainty
Military clashes between the U.S. and Iran have heightened risks across the energy sector. The Strait of Hormuz handles roughly 20% of global seaborne oil transport. Analysts warn that a full blockade would intensify upward pressure on prices.
Citigroup estimates daily oil supply disruptions from Hormuz route interruptions at 7 million to 11 million barrels.
