Crude prices cross $90 as ceasefire hopes dim, Hormuz disruption weighs on supply

🇸🇦 The Times of India (SA) —
Crude prices cross $90 as ceasefire hopes dim, Hormuz disruption weighs on supply

AI Summary

Crude oil prices surpassed $90 amid escalating Middle East tensions, including Iran's aggressive military stance and attacks limiting shipping through the Strait of Hormuz. US crude inventories are expected to have decreased, exacerbating supply concerns.

Oil prices climbed Tuesday as Middle East war concerns persisted. Iran signaled a more offensive military approach, and the US rejected extending the ceasefire. Shipping through the Strait of Hormuz significantly decreased following recent attacks. Tensions also escalated in the Red Sea with Houthi missile attacks. Crude oil inventories in the US are expected to have declined last week.

World Security Conflict Politics Markets Commodities Energy Shipping crude oil prices Middle East Iran Strait of Hormuz Houthi missile attacks US crude inventories

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