Brent crude rises more than 2%, exceeding $90

Oil exploration platform

Oil prices rose more than 2% during Monday trading, amid the US blockade of Iranian ports and the continuation of its military attacks for the ninth consecutive night.

Brent crude futures hit their highest level since June 11, continuing gains after rising 15.9% last week, the largest weekly increase since April, according to Reuters.

Iran's Revolutionary Guard announced that two oil tankers exploded and were disabled after trying to cross a route it described as "unsafe" in the Strait of Hormuz, claiming that the US military encouraged them to use this passage.

Data from LSEG showed the number of ships crossing the strait yesterday (Sunday) fell to only four ships, compared to eight ships the previous day.

Change in futures prices of the two benchmark crudes

Crude

Price ($/barrel)

Change ($)

Change (%)

Brent (September delivery)

90.27

+2.17

+2.45%

WTI (August delivery)

84.34

+1.85

+2.25%

* At 7:55 AM Mecca time.

Brent and WTI prices

{{displayname}}

{{profession}}

{{followercount}}

{{aboutme}}