Iran · Strait of Hormuz · Axios
Oil tops $90 as Middle East fighting escalates
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Oil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.
Key facts
- Oil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities
- Brent crude's move above $90 a barrel, its first since mid-June, builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz
- Threat level: Iran's Supreme Leader Mojtaba Khamenei on Saturday accused President Trump of violating the U.S.-Iran agreement
- Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide
Summary
Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide. Brent crude's move above $90 a barrel, its first since mid-June, builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz following a brief rebound. The nationwide average U.S. gasoline price was below the politically important $4-per-gallon mark Sunday, per AAA, and is likely to rise above that level Monday. The weekend brought further signs that the U.S.- Iran agreement and ceasefire have given way to renewed and expanding strikes.