Brent tops $90 as US declines to extend ceasefire
Brent crude oil just crossed the $90-per-barrel mark, the highest since July 30, thanks to rising tensions in the Middle East.
The US has decided not to extend a temporary ceasefire, and Iran is shifting to a more aggressive military stance.
This has raised concerns about possible disruptions in oil shipments, especially through the Strait of Hormuz, which is a crucial route for international oil shipments.
WTI hits $84.84, Hormuz shipments plunge
It's not just Brent: US oil (WTI) prices also climbed, hitting $84.84 after briefly touching $85.37.
Shipments through the Strait of Hormuz have dropped sharply: only five vessels made it through on Saturday and none on Sunday, compared to 31 last weekend.
If these disruptions continue, expect oil prices to stay high until things calm down in the region.