\n 2026-07-20T05:23:32+00:00<\/p>\n
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Brent oil
\nprices rose 2% to more than $90 per barrel on Monday, \u200cas escalating U.S.-Iran
\nhostilities in the Middle East restricted oil shipments through the Strait of
\nHormuz.<\/p>\n
Brent crude
\nfutures climbed $2.09, or 2.37%, to $90.19 by 0241 GMT, touching the highest
\nsince June 11, extending gains after rising 15.9% last week, its biggest weekly
\ngain since \u200bApril.<\/p>\n
U.S. West Texas
\nIntermediate crude was at $84.20 a barrel, up $1.71, or 2.07%, the loftiest
\nsince June 12. \u200bFront-month prices gained 15.5% last week, the largest weekly
\nascent since early March.<\/p>\n
The Middle \u2060East conflict escalated over the weekend with the U.S. conducting a
\nninth straight night of attacks against Iran, while \u200bU.S. allies Kuwait and
\nBahrain reported more Iranian strikes.<\/p>\n
“ICE Brent
\nbroke above $90 per barrel this morning with no let-up \u200bin the escalation in
\nthe Gulf,” said ING analysts in a note on Monday.<\/p>\n
“The U.S.
\nand Iran continue to exchange strikes, which are proving to be deadly for both
\nsides. If this escalation goes unchecked, we could return to an environment of
\n\u200bwide-scale attacks across the Gulf.”<\/p>\n
The Islamic
\nRevolutionary Guard Corps said on Monday that two oil tankers had exploded and
\n\u200bbeen immobilised after attempting to transit what it described as an unsafe
\nsouthern route through the Strait of Hormuz, alleging they \u200chad been \u2060encouraged by the U.S. military to use the passage.<\/p>\n
Reuters could
\nnot immediately verify the incident.<\/p>\n
In recent days
\nboth sides have taken aim at shipping traffic, with the U.S. saying it is
\nenforcing a naval blockade on Iranian ports, and Iran saying it targets vessels
\nviolating its rules on navigating the Strait of Hormuz, which usually \u200bhandles
\none-fifth of global oil \u200btrade.<\/p>\n
A vessel was on
\nfire \u2060northwest of Oman’s Kumzar, the United Kingdom Maritime Trade Operations
\nagency said early on Monday.<\/p>\n
“The
\ncoming days and weeks will provide a clearer picture of the sustainable level
\n\u200bof oil exports from the region under renewed dual blockades,” Barclays
\nanalyst Amarpreet Singh \u200bsaid in \u2060a note.<\/p>\n
“As things
\nstand, we think oil markets are still too complacent about the potential
\nfallout for inventories, which, unlike at the beginning of the war, are at the
\ntightest of the past five years.”<\/p>\n
Four vessels
\nmade the transit through \u2060the Strait \u200bof Hormuz on Sunday, down from eight in the
\nprevious day, \u200bLSEG data showed. At least three oil products tankers
\nand one Very Large Crude Carrier, have entered the strait since Friday to load \u200boil, the data showed.<\/p>\n
(Reuters)<\/p>\n
Only the
\nheadline is edited by Shafaq News.<\/p>\n","protected":false},"excerpt":{"rendered":"2026-07-20T05:23:32+00:00 font Enable Reading Mode A- A A+ Shafaq News Brent oil prices rose 2% to more than…\n","protected":false},"author":2,"featured_media":773407,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[16993,4,450,320257,451,3,329953,452,453],"class_list":["post-773406","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking-news","tag-breaking","tag-breaking-news","tag-breakingnews","tag-global-oil-prices","tag-headlines","tag-news","tag-oil-surges-above-90-on-gulf-escalation","tag-top-stories","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/773406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=773406"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/773406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/773407"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=773406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=773406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=773406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}