Oil prices increase amid concerns over Strait of Hormuz security

Oil prices have surged, with Brent crude climbing over 2% to near $90 per barrel amid rising tensions in the Middle East. Attacks on shipping have raised concerns about the reopening of the Strait of Hormuz, a critical passage for global oil supplies. Yemen’s government accused Houthi forces of missile attacks, while the U.S. disabled a vessel attempting to breach sanctions. The U.S. Energy Information Administration forecasts that oil production in the Middle East may not return to pre-conflict levels until early 2027.

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