Brent Crude Climbs to $91 as Gulf Tensions Escalate
· World · Times of India, LiveMint, Moneycontrol
Brent crude rose to $91.08 per barrel, its highest level since 30 July, while WTI climbed to $84.84, its highest since 31 July. Iran said it would adopt a fully offensive military stance after talks with the United States stalled, and Washington declined to extend the temporary ceasefire. Shipping through the Strait of Hormuz fell sharply, with only five commodity vessels passing on Saturday and none on Sunday, down from 31 vessels the previous weekend. Yemen’s Houthi forces fired missiles at a Saudi warship and four escorts, and the Houthis claimed responsibility. Iran and Oman are reportedly close to a maritime agreement, though a Trump statement threatened to strike Oman if it collaborated with the Houthi rebels.
Why it matters
The price surge and reduced tanker traffic raise oil import costs for India, potentially increasing fuel prices for consumers and businesses.
Read the original report — Times of India
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