Crude Oil Prices Jump as US-Iran Tensions Escalate, Brent Nears $90 a Barrel

Crude oil prices climbed sharply on Monday as renewed military tensions between the United States and Iran raised fresh concerns over energy supplies from the Middle East. The latest escalation, involving attacks and counterattacks, has brought the strategically important Strait of Hormuz back into focus for global oil markets.

Oil prices rose by more than $1 a barrel in early trading after the US military carried out an attack on Iran's Larak Island in the Strait of Hormuz.