FX.co ★ Brent Crude Hits $90

Brent crude jumped more than 5% to around $90 a barrel, its highest level since April 2024, as the deepening conflict in the Middle East severely disrupted global oil flows. Shipments through the Strait of Hormuz—one of the world’s most critical chokepoints, which typically handles about 20 million barrels of oil per day—have almost completely halted amid heightened security risks, rising insurance costs, and widespread operational uncertainty. This has effectively cut off exports from several major Gulf producers and forced some countries to shut in production. Analysts estimate that between 7 million and 11 million barrels per day could be temporarily removed from the market. The resulting supply shock has driven oil prices more than 20% higher over the past week, despite signals from Donald Trump that the United States may intervene to cool prices and a temporary waiver enabling India to purchase some stranded Russian crude. At the same time, governments in Japan and other countries are weighing the release of emergency stockpiles.