Crude oil prices have surged past $90 a barrel, driven by a widening military conflict between the United States and Iran.
The price spike reflects growing market anxiety over potential disruptions to global energy supplies, particularly through the Strait of Hormuz, a critical chokepoint for global oil shipments.
The escalation marks a significant intensification of hostilities in the region.
Reports indicate that military activity has expanded, raising the risk that shipping routes could be compromised.
This development has triggered a sharp repricing of supply risk across energy markets, with traders positioning for potential volatility in both Brent and WTI benchmarks.
This move follows a period of heightened tension that saw crude oil markets rally sharply earlier in the week, recording their largest two-day percentage gain in four months.