Oil hits $90 as US-Iran tensions escalate in Strait of Hormuz

SINGAPORE, July 20 (YPA) – Oil prices surged in Asian trading on Monday as escalating military tensions between the United States and Iran fueled concerns over potential disruptions to energy supplies through the Strait of Hormuz, one of the world’s most vital maritime chokepoints.

Brent crude futures for September delivery jumped more than 3% to trade above $90 a barrel, reaching their highest level since mid-June after touching $90.79 per barrel.

US West Texas Intermediate (WTI) crude rose to around $84.70 a barrel, extending last week’s gains of more than 15% — its biggest weekly increase in several months.

@E.Y.M