Crude oil prices jump as US-Iran war escalates; Brent oil tops $90 per barrel

Brent crude futures surged 4% to $90.79 per barrel, their highest since June 11, while US WTI climbed 2.65% to $84.68 per barrel as US-Iran conflict escalated and ceasefire effectively broke down. Both benchmarks gained over 15% last week in their biggest weekly rallies since April and March respectively. Concerns intensified over supply disruptions through the Strait of Hormuz, with Iran stopping vessels, Kuwait reporting damage to an oil facility from Iranian strikes, and JPMorgan noting record-low global oil inventories outside China.