Oil prices jump 3% as US-Iran conflict intensifies, Brent crude tops $90 per barrel
Oil prices rallied on Monday after conflict between the United States and Iran intensified, raising fresh concerns over crude supplies from the Middle East as shipping through the Strait of Hormuz came under increasing pressure. Brent crude climbed above $90 a barrel, rising 2.30…
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As of June 5, 2026, the impact of a reported U.S. blockade on Iranian oil exports is currently under assessment, with trade intelligence firm Kpler compiling relevant data. Further verification is required to confirm the specific extent of these logistical disruptions.
On June 18, 2026, mediators including Qatar and Pakistan reported the first major diplomatic breakthrough in the 2025–2026 negotiations, a development that appears to have shifted the dynamic between the US and Iran.
From April 13 to May 29, 2026, the United States implemented a blockade of Iranian ports. Prior to the start of the conflict, it was reported that approximately 25% of global seaborne oil trade and 20% of another unspecified sector were at stake, though the full scope of the latter figure was not specified in the provided text.
U.S. and Israeli sources report that recent strikes targeted Iranian missile systems, air defenses, other military infrastructure, and leadership figures. These claims remain unverified, and the full extent of the damage or specific targets hit has not been independently confirmed.