The price of crude oil in the United States has risen above $90, with ongoing tensions in Iran continuing to impact energy supply.

The price of US crude oil futures rose above $90 per barrel for the first time since October 2023, as the conflict in Iran disrupted key energy market flows and shipping through the Strait of Hormuz came to a virtual standstill. US benchmark crude oil futures surged more than 11%, on track to post the largest weekly percentage gain in at least twenty years. Global benchmark Brent crude oil rose more than 8%, surpassing $92 per barrel. Citigroup estimates that disruptions in shipping through the Strait of Hormuz have reduced global daily oil supply by approximately 7 to 11 million barrels.