BAKU, Azerbaijan, September 1. Crude oil prices have surpassed $90 per barrel as markets react to renewed fighting in the Middle East following tit-for-tat strikes between the United States and Iran.
Brent crude futures rose by $1.18, or 1.3 percent, reaching $91.67 a barrel at 07:39 GMT, while US West Texas Intermediate crude increased by $1.27, or 1.48 percent, to $87.03 per barrel.
PVM analyst John Evans said the missile exchanges between Washington and Tehran have strengthened concerns that the conflict could continue for an extended period.
“The tit-for-tat missile exchanges between the US and Iran bring validation to those who believe that even if not a ‘forever war’, this conflict will run and run,” Evans said.
The increase in oil prices comes as diplomatic efforts by mediators, including Qatar and Oman, to reach an agreement on reopening the Strait of Hormuz have so far failed to produce a breakthrough.
The strategic waterway previously carried around one-fifth of global oil supplies before the conflict began in late February.
The situation in the region continues to create uncertainty in global energy markets, with traders closely monitoring developments.
