Oil temporarily rises to $90 per barrel - Iran vows that "not a drop of oil" will pass through Hormuz
The oil market remains volatile as the conflict between Iran and the United States has raised concerns about the disruption of shipping through the Strait of Hormuz. Over the weekend, the United States carried out a new round of air strikes on Iran, while casualties were also recorded among American soldiers.
London's Brent crude, the global benchmark, is trading at around $88 a barrel, having briefly risen to $90 a barrel in early European trading. The escalation in the conflict comes after the US military confirmed that a third American service member had been killed in recent operations, while investigators found unidentified remains of an Iranian attack in Jordan, where two US personnel had earlier died and another was missing.
US forces have completed a ninth consecutive night of strikes against Iranian targets. “The strikes will continue to degrade Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” US Central Command said in a statement on the social media platform X.
The return of reciprocal air strikes has revived concerns about the security of one of the world's most important oil transit routes. The Strait of Hormuz normally handles about 20% of global oil traffic, although shipments have fallen sharply due to attacks in recent days.
US Central Command has targeted Iranian coastal surveillance and air defense systems, naval assets, and missile and drone storage facilities with its strikes. US forces have also struck Islamic Revolutionary Guard Corps units linked to the July 17 attack on US personnel in Jordan.
Iran's Revolutionary Guards have declared full control over the Strait of Hormuz and have reiterated their pledge that "not a drop of oil, gas or chemical fertilizer" will pass through the waterway, according to the Iranian Tasnim news agency. Analysts say a significant slowdown in maritime traffic through the Strait of Hormuz and a drop in global supplies could push oil prices above $100 a barrel.
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