Brent crude hovers near $90 as Iran vows not ‘a single drop’ of oil or gas will transit Hormuz
American forces have started ninth consecutive night of strikes against Iranian targets.
Brent crude prices are hovering near $90 per barrel as tensions escalate in the Middle East. Iran has vowed that not "a single drop" of oil or gas will transit the Strait of Hormuz, a critical waterway for global oil exports. This comes as American forces have begun a ninth consecutive night of strikes against Iranian targets, raising concerns about potential disruptions to oil supplies.
The Strait of Hormuz is a vital passage for around 20% of the world's oil exports, making it a significant chokepoint for global energy markets. Any disruption to oil flows through the strait could have significant implications for global supply and prices. The recent escalation in tensions between the US and Iran has raised concerns about potential supply chain disruptions, which have been reflected in the price of Brent crude.
To watch next: developments in the US-Iran conflict and any potential impact on oil supplies. Traders will be closely monitoring the situation for any signs of escalation or de-escalation, as well as any statements from major oil producers and consumers. The International Energy Agency (IEA) and OPEC are also likely to be keeping a close eye on the situation, and any comments from these organizations could provide further insight into the potential impact on global energy markets.
Originally reported by cnbc.com. Trade-News adds analysis for finance & markets readers.