Global crude oil prices have jumped for a third straight trading day, pushing Brent above $90 per barrel. The rally has dashed hopes of cheaper petrol and diesel in India. Rising uncertainty over US-Iran tensions is the main force driving the surge.
Brent Nears $91, WTI Crosses $85
West Texas Intermediate crude has crossed $85 per barrel. That is its highest level since the final week of last month. Brent crude is trading near $91 per barrel and has started counting toward $100.
US-Iran Deal Uncertainty Weighs on Market
President Donald Trump has made it clear he does not support extending the agreement with Iran. The deal signed in June technically expired on Monday. No clarity has emerged on what happens next, adding fresh worries to the market.
Hormuz Strait Tensions Rise
The strategic waterway handles a large share of the world’s oil trade. Iran is holding talks with Oman over managing the strait, without the United States. Regional security concerns have deepened as a result.
US Signals Long-Term Strategy Against Iran
American officials say they are not in a hurry to end the conflict quickly. Energy Secretary Chris Wright told Fox News that the US is following a long-term strategy. Envoy Kushner said President Trump will stay patient on any deal.
The US Navy has blockaded Iranian ports fully. Yet Washington now prefers economic pressure over military action. Treasury Secretary Scott Bessent said new measures will be announced soon that have never been seen before.
Crude Up 50 Percent This Year
The conflict, now nearly six months old, has hit oil prices hard. Crude has risen about 50 percent so far this year. Energy supply from the Middle East is disrupted, and global markets feel the shortage.
Gulf producers are quickly adapting to the situation. Saudi Arabia has started delivering oil shipments from outside Hormuz. It is following the path already taken by the United Arab Emirates, offering some relief to global supply.
Market volatility remains high despite these steps. Indian consumers who hoped for cheaper fuel now face an uncertain road ahead.
