Oil prices rose by around 3% on Monday, with Brent crude climbing above $90 a barrel, as the United States and Iran expanded military attacks in their ongoing conflict, disrupting energy shipments through the Strait of Hormuz.
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Brent crude futures gained $2.69, or 3.05%, to $90.79 per barrel by 23:43 GMT, reaching their highest level since June 11. The benchmark extended last week's rally, during which it surged 15.9% its largest weekly gain since April.
U.S. West Texas Intermediate (WTI) crude rose $2.19, or 2.65%, to $84.68 per barrel, its highest level since June 12. Front-month WTI futures climbed 15.5% last week, marking their biggest weekly increase since early March.
The U.S. Central Command (CENTCOM) announced on Monday that it had successfully completed its ninth consecutive night of strikes against Iran.
According to CENTCOM, U.S. forces targeted Iranian military command centers, air defense and coastal surveillance sites, naval capabilities, missile and drone launch facilities, and communications networks.
The stated objective was to reduce Iran's ability to attack commercial shipping and civilian mariners transiting the Strait of Hormuz.
In recent days, both sides have targeted maritime traffic. The United States announced it had imposed a naval blockade on Iranian ports, while Iran said it was targeting vessels that violate its navigation rules in the Strait of Hormuz, a strategic waterway through which roughly one-fifth of global oil trade normally passes.
The United Kingdom Maritime Trade Operations (UKMTO) agency reported early Monday that a vessel had caught fire northwest of Kumzar, Oman.
In a research note, Amarpreet Singh, an analyst at Barclays, said:
"The coming days and weeks will provide a clearer picture of the sustainable level of oil exports from the region under the renewed dual blockades."
He added:
"Under current conditions, we believe oil markets remain far too complacent about the potential impact on inventories, which, unlike at the start of the war, have now fallen to their lowest levels in five years."
Data from the London Stock Exchange Group (LSEG) showed that only four vessels transited the Strait of Hormuz on Sunday, down from eight vessels the previous day.
The data also indicated that at least three refined product tankers and one very large crude carrier (VLCC) have entered the strait since Friday to load oil.
