Global oil prices settle above $90 a barrel after U.S. and Iran exchange fire for first time in a month

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Global oil prices settled above $90 a barrel on Monday, ending sharply higher as renewed U.S.-Iran hostilities broke a roughly month-long lull. The exchange of fire pushes the broader Middle East conflict into its seventh month and marks the first direct engagement between the two nations in that period.

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The climb reflects a renewed geopolitical risk premium in energy markets. The region is strategically vital for global crude supply, and the core concern centers on the Strait of Hormuz, a narrow waterway that serves as a critical chokepoint for oil exports. Even the threat of disruption can move prices, independent of whether physical supply has actually been affected.

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Attention now shifts to whether the escalation remains contained or spreads further. Market participants will watch for diplomatic initiatives, supply responses from major producers, and upcoming inventory data for clues on how sustained the price pressure may be. For now, the elevated settlement reflects heightened uncertainty rather than confirmed supply losses.