Oil prices climbed above $90 a barrel on Monday after renewed fighting between the United States and Iran disrupted shipping through the Strait of Hormuz, one of the world’s most important routes for oil exports.
Brent crude rose to $90.79 a barrel, its highest level since June 11, after recording its biggest weekly gain since April. U.S. West Texas Intermediate (WTI) crude also climbed to $84.68 a barrel, extending last week’s rally.
The conflict has also affected shipping through the Strait of Hormuz, a key waterway that carries about 20% of the world’s oil trade. The United States said it is enforcing a naval blockade on Iranian ports, while Iran said it is targeting vessels that violate its navigation rules in the strait.
Adding to concerns, the United Kingdom Maritime Trade Operations (UKMTO) reported that a vessel caught fire northwest of Kumzar, Oman, early on Monday.
Shipping activity has already slowed. Data from LSEG showed that only four vessels passed through the Strait of Hormuz on Sunday, down from eight the previous day. However, at least three oil product tankers and one Very Large Crude Carrier have entered the strait since Friday to load crude oil.
Analysts say the market is closely watching how the conflict could affect oil exports from the region. Barclays warned that traders may be underestimating the impact on global oil supplies if disruptions continue.
Higher oil prices could increase fuel, transport and logistics costs worldwide if tensions in the Middle East persist.
Last modified: July 20, 2026
