Brent crude climbs above $94 as Middle East tensions rise

The Strait of Hormuz remains a flashpoint, pushing Brent crude up 3.36 % to USD 94.07 per barrel in early Thursday trading. The U.S. benchmark WTI also edged higher, gaining 1.15 % to USD 87.83. Analysts link the rise to heightened shipping risks through the Hormuz corridor and ongoing disruptions in the Red Sea, which have added a geopolitical risk premium to crude prices. Since the onset of the Iran‑related conflict, global oil prices have surged roughly 50 %. The market expects further volatility if the transit route remains unstable.