Brent crude rises above $90 as fighting flares in Strait of Hormuz

  • US forces struck Iranian rocket launchers preparing to deploy mines in the Strait of Hormuz.
  • 6 million to 8 million barrels of crude continue moving through Hormuz daily.
  • Iran reported limited vessel traffic on an approved route, with ships paying tolls.

Brent crude for November rose above $90 a barrel and West Texas Intermediate approached $86 after fighting flared in the Strait of Hormuz. The US military struck Iranian rocket launchers preparing to deploy mines into the waterway on Sunday, Captain Tim Hawkins, a spokesperson for US Central Command, said, ending weeks of relative calm. About 6 million to 8 million barrels of crude continue to move through Hormuz, while Iran's semi-official Mehr news agency said traffic on an Iranian-approved route was proceeding on a limited basis with ships paying tolls. Brent has moved through an almost $17-a-barrel range this month as markets reacted to stop-start peace efforts and Washington's pledge to intensify pressure on Iran's economy. Monday trading may be thinner because parts of the UK, including England, are observing a national holiday.

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