Brent crude surpassed $90 a barrel on Monday as the conflict between the United States and Iran entered its ninth consecutive night of reciprocal strikes.
Brent futures rose 2.5 percent to $90.40 in early trading, marking the highest level since June 11, while WTI climbed 1.89 percent to $84.05. European natural gas prices gained nearly 5 percent. Oil prices had fallen earlier this summer during diplomatic negotiations but have rebounded alongside the renewed hostilities, after the US reimposed a naval blockade on Iranian shipping.
The latest escalation saw Iranian Revolutionary Guard forces mine and destroy two tankers attempting to transit the Strait of Hormuz. President Donald Trump stated the US has retaliated with heavy strikes "in honour of fallen soldiers". The US military has cited Iranian attacks on civilian shipping as the justification for continued operations, while Iran has responded by targeting US military bases across the Middle East.