The escalation of the conflict in the Middle East, marked by American strikes on Iran and an incident in the Strait of Hormuz, is causing oil prices to jump.
The price of a barrel of Brent for delivery in September increased by 2.72% to $90.50 around 1:00 a.m. GMT. That of its American equivalent, West Texas Intermediate (WTI), increased by 2.39% to $84.46.
This surge in prices comes at the opening of the Asian session, driven by the intensification of the conflict in the Middle East, with the announcement of American strikes on Iran for the 9th consecutive night and a ship on fire in the Strait of Hormuz.
The Strait of Hormuz under tension
The British maritime safety agency UKMTO said on Monday that a ship was on fire in the Strait of Hormuz, without specifying the cause of the fire, which occurred 8 nautical miles (about 15 kilometers) northwest of Kumzar (Oman). Nearly a fifth of the world’s hydrocarbon trade passed through this strait before the war.
The barrel of Brent had already reached 126.41 dollars at the end of April 2026, the highest since March 2022, during other episodes of tension in the region.
US President Donald Trump told journalists on Sunday evening, upon his return to Washington after the football World Cup final, that the United States was hitting Iran “very hard” to avenge the American soldiers killed in recent days in the Middle East.
The Kuwaiti army also announced on Monday that it was facing an Iranian drone attack against the territory of the emirate.
