The price of Brent crude oil surpassed $90 a barrel on Monday as the conflict between the USA and Iran escalated with continued airstrikes and attacks.

The USA has conducted airstrikes on Iran for the ninth consecutive night, targeting the Revolutionary Guards and infrastructure supporting Iran's control over the Strait of Hormuz. The strikes aim to weaken Iran's ability to attack commercial shipping, according to the US Central Command.

Over the weekend, two American soldiers were killed in an Iranian rocket and drone attack, further escalating tensions.

President Donald Trump said, "We hit them very hard again." He also commented on Iranian leader's statements, saying he "couldn't care less" about their comments about the agreement.

The price of Brent crude oil rose to $90.50 a barrel in Asian trading on Monday, the highest level since June. The increase follows a weekend of heightened tensions, including reports of Iranian drone attacks on Kuwait and Jordan, and attacks on ships in the Strait of Hormuz.

Iran responded to the US strikes with drone attacks on Kuwait and Jordan, and attacks on ships in the Strait of Hormuz. The British maritime security agency UKMTO reported a ship on fire northwest of Kumzar, off the coast of Oman.

The Strait of Hormuz, through which about one-fifth of the world's oil is transported, has seen a reduction in tanker traffic. Data from financial data provider LSEG shows that only four ships passed through the strait on Sunday, down from eight on Saturday.

Iran's Revolutionary Guards have stated that the strait is not safe for oil and gas transport as long as US aggression continues. They claimed to have stopped four unidentified ships attempting to use an "unsafe route" through the strait, with two ships reportedly damaged.

Kuwait Petroleum reported significant damage to an oil facility following an Iranian attack on Saturday. The state oil company of Kuwait said it had intercepted Iranian drone attacks.

The USA has reinstated a naval blockade near the Strait of Hormuz, further disrupting oil shipments. The blockade was put in place after the USA struck an Iranian nuclear site.

Ukrainian drone attacks on Russian refineries have prompted Russia to ban diesel exports.

The nationwide average U.S. gasoline price was just below the politically important $4-per-gallon mark Sunday, according to AAA, and is likely to rise above that level Monday.

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Articles

Few tankers enter Hormuz to load oil, LNG floating storage rises, data shows reut.rs/4fNuW2D

bluesky_Reuters · about 19 hours ago

HDFC Bank drags Indian shares down; higher oil also weighs reut.rs/4fbFjhB

bluesky_Reuters · about 19 hours ago

Energie: Ölpreis springt über 90 Dollar Der Konflikt zwischen den USA und dem Iran eskaliert weiter und sorgt für Unsicherheit in der Straße von Hormus. Der Ölpreis legt zu. Die Lage auf dem Weltmarkt ist angespannt.

handelsblatt · about 19 hours ago

Júniusi szintre emelkedett vissza az olaj ára az amerikai-iráni konfliktus miatt Az Egyesült Államok kilenc napja folyamatosan támadja Iránt.

444.hu · about 19 hours ago

Morning Bid: Rising oil, yields rain on AI party reut.rs/3RI0vCM

bluesky_Reuters · about 20 hours ago

Stigende oljepris etter Hormuz-uro: – Har gått et par hakk tilbake Eksperter frykter langvarige problemer og økt risiko for eskalering.

aftenposten · about 20 hours ago

Oil rally rolls on, casting a fresh shadow on the rupee reut.rs/4vBLgcg

bluesky_Reuters · about 20 hours ago

Oil tops $90 as Middle East fighting escalates Data: Financial Modeling Prep; Chart: Ben Geman/AxiosOil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.Context: Brent crudes move above $90 a barrel — its first since mid-June — builds on last weeks gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz following a brief rebound.The nationwide average U.S. gasoline price was just below the politically important $4-per-gallon mark Sunday, per AAA, and is likely to rise above that level Monday.Catch up quick: The weekend brought further signs that the U.S.-Iran agreement and ceasefire have given way to renewed and expanding strikes.That includes reported Iranian attacks on oil and electricity infrastructure in Kuwait. Threat level: Irans Supreme Leader Mojtaba Khamenei on Saturday accused President Trump of violating the U.S.-Iran agreement.He pledged a strong response by Iran and its proxies if the fighting continues to escalate.Trump told NewsNation that he "couldnt care less" about the Iranian leaders comments about the agreement. What were watching: Oil markets have proven surprisingly adaptable to the crisis, due to factors like reduced Chinese imports, governments coordinated releases from stockpiles including the U.S. Strategic Petroleum Reserve, and ample commercial stockpiles.But analysts warn that these shock absorbers that prevented even larger price spikes earlier in the crisis are eroding.And the market for refined products is facing particular woes, including the effectiveness of Ukraines drone attacks on Russian refineries, which prompted Russia to ban diesel exports.

axios · about 20 hours ago

Nikkei, Yen, Hang Seng: Asiatische Börsen geben nach – Konflikt am Golf treibt Ölpreis an Die Eskalation des Konflikts zwischen den USA und dem Iran belastet die asiatischen Börsen und treibt den Ölpreis erstmals seit mehr als einem Monat wieder über 90 Dollar je Barrel.

handelsblatt · about 20 hours ago

The Brent crude price surpassed $90 a barrel after the U.S. struck an Iranian nuclear site and reinstated a naval blockade near the Strait of Hormuz. Stock futures remain flat as the market awaits tech earnings to offset geopolitical risks. #Economy #Oil #Geopolitics #BusinessNews

mastodon bot · about 20 hours ago

Attacks on Tankers in the Black Sea Raise Risks for Oil Markets and Kazakhstans Exports

gdeltproject.org · about 21 hours ago

Brent-Ölpreis steigt auf höchsten Stand seit Juni Der Schiffsverkehr durch die Straße von Hormuz ist am Wochenende zurückgegangen. Ein Schiff steht in Flammen.

die presse · about 21 hours ago

Oljepriset stiger efter orolig helg kring Hormuz

svenska dagbladet · about 21 hours ago

⚡🇮🇷 Brent oil crude has now jumped 90 dollars a barrel in the first time in quite a while. The markets do not believe that a ceasefire will return to the gulf soon. @medmannews

telegram_Intel Slava · about 21 hours ago

Oljepriserna stiger Helgens attacker påverkar

expressen · about 22 hours ago

Asia shares hesitant as oil climbs, earnings loom reut.rs/4wSUWAo

bluesky_Reuters · about 22 hours ago

Στα 91 δολάρια το μπρεντ μετά και το νέο κύμα αμερικανικών βομβαρδισμών κατά του Ιράν

protothema · about 23 hours ago

Dollar Little Changed as Crude Prices Soar and T-note Yields Fall

gdeltproject.org · 1 day ago