International Oil Prices Surge Amid Escalating U.S.-Iran Conflict; Brent Crude Tops $90 Again

International oil prices continue to surge as the conflict between the United States and Iran intensifies as of July 19, local time.

According to Reuters and other reports, as of 6:02 p.m. Eastern Time, the price of Brent crude for September delivery, the global benchmark, jumped 3.12% from the previous trading day to trade at $90.85 per barrel.

This marks the first time Brent crude prices have exceeded $90 per barrel since June 11.

At the same time, the price of West Texas Intermediate (WTI) crude for August delivery on the New York Mercantile Exchange rose 3.10% to $85.05 per barrel.

The ceasefire agreement between the two countries has effectively collapsed as the U.S. launched airstrikes against Iran in response to Iran's blockade of the Strait of Hormuz, and Iran retaliated by striking U.S. military bases in the Middle East.

The market is concerned that the hostilities between the U.S. and Iran could lead to prolonged logistical disruptions in the Strait of Hormuz, a key chokepoint for global oil supply.

If instability in the crude oil supply chain persists, it is expected to place a significant burden on the global economy by fueling future raw material prices.
※ Please note: This article was translated by AI and may contain errors.