Oil prices jump as fresh strikes on Iranian cities and tanker attacks heighten supply disruption fears in key shipping lanes.
Brent crude opened sharply higher, breaching $90 a barrel, as escalating hostilities in the Middle East stoked concerns over supply security. Reports of explosions across multiple Iranian cities, including Bandar Mahshahr and Tabriz, alongside confirmed tanker attacks in the Strait of Hormuz, signaled a widening conflict zone.
The weekend saw Iran claim responsibility for mining and destroying two tankers, while the Pentagon reportedly bolstered aircraft deployments in the region. A fresh ship fire in the strait, verified by the British military, and warnings of potential Iranian targeting in Bahrain further amplified risks to critical infrastructure.
Markets largely dismissed diplomatic overtures, including comments from Secretary of State Rubio, as strikes continued unabated. The gap higher reflects heightened geopolitical premiums amid deepening instability.