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Brent briefly tops $90 as Iran conflict escalates
Brent briefly hit $90 per barrel in Asian trade, while both Brent and WTI were up about 2% early before easing later in the session.
Brent Crude briefly traded above $90 per barrel in Asian trade Monday as the Middle East conflict intensified, with fresh U.S. strikes on Iran and Iranian actions targeting American assets in the region. Oilprice said the escalation also centered on the Strait of Hormuz, where both sides described new attacks involving military targets and commercial shipping.
According to Oilprice, the rally came after U.S. forces launched another wave of strikes against Iran at 7 p.m. ET on Sunday for the ninth consecutive night. The outlet also cited U.S. Central Command, saying the strikes were meant to degrade Iranian military capabilities used to attack vessels and mariners transiting the Strait of Hormuz.
Oilprice reported that Iran’s Islamic Revolutionary Guard Corps claimed it targeted U.S. aircraft at the Aqaba airport in Jordan using ballistic missiles, as well as U.S. military assets and equipment at Kuwait’s Al-Adiri camp and Ali Al Salem Air Base, and sites in Syria.
The outlet further said Iran’s Revolutionary Guards claimed two oil tankers exploded and were immobilized after attempting to transit the Strait of Hormuz via the southern lane near Oman, which Iran said is unsafe. It added that U.S. Secretary of State Marco Rubio said the United States would continue strikes until Tehran stops attacking vessels in the Strait of Hormuz.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%