Brent Crude Tops $90 for First Time Since June 11 as Hormuz Crisis Intensifies

Brent crude oil topped $90 a barrel on Monday, July 20 (29 Tir), rising about 3 percent to its highest level since June 11. Brent gained $2.69 (3.05 percent) to around $90.79 a barrel, while U.S. West Texas Intermediate rose 2.65 percent to about $84.68, its highest since June 12.

The jump came after the United States and Iran widened their attacks across the region over the weekend and tanker traffic through the Strait of Hormuz was disrupted again. Brent had already climbed about 15.9 percent last week, its biggest weekly gain since April. Roughly a fifth of the world's oil supply moves through the Strait of Hormuz, and disruptions there feed directly into Iran's oil revenue and imported inflation.