Oil rises 3% to $90.85

Oil prices rose by more than 3%, with Brent crude surpassing $90 per barrel, due to escalating tensions between the United States and Iran in the Middle East, which have disrupted energy shipments through the Strait of Hormuz. Brent crude jumped by 3.12% to $90.85, and West Texas Intermediate by 3.10% to $85.05, amid intensified military operations between the two sides and growing concerns over navigation in the strait. The price increase is attributed to worsening security conditions and the escalation of the conflict over control of the Strait of Hormuz, threatening to reduce global oil supplies and drive prices higher.

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