business π Oil prices jump amid Strait of Hormuz tensions β½
Brent crude prices have risen over 2 percent overnight, pushing the international benchmark close to $90 a barrel. This surge comes as attacks in the Middle East cast doubt on reopening the Strait of Hormuz, which is crucial for global oil supply. Yemen's government accused Iran-aligned Houthis of killing six people in missile attacks on a vessel in the Bab al-Mandeb strait. While talks between Oman and Iran are reportedly advanced, Tehran insists the strait remains closed until US conditions are met. Analysts suggest oil prices will remain supported in the $85-90 per barrel range without significant diplomatic progress.