Hormuz Tensions / Oil Tops $91 as Iran Warns Strait Will Remain Closed

Oil prices on international markets continued to rise, again climbing above $91 per barrel and reaching their highest level since late July.

Brent, the main global market benchmark, traded at around $91 per barrel, while US WTI approached $85. The moves came amid heightened tensions between the United States and Iran, as the prospects of a swift agreement that would allow the Strait of Hormuz to reopen diminish.

Yemen’s Iran-backed Houthis said they had struck a Saudi Aramco refinery in southwestern Saudi Arabia. CNN has been unable to independently verify the claim, while Saudi authorities have yet to respond.

Uncertainty increased further following reports that a vessel had been hit by an “unknown projectile” in the Strait of Hormuz. According to Iran, the strategic waterway will remain blocked. Tehran has set several conditions for reopening it, including the lifting of US sanctions on Iranian oil and an end to threats and military operations.

Markets have reacted to the uncertain situation, while analysts say oil prices could remain high if the strait does not reopen and regional tensions persist.