Oil prices climb above $90 as Hormuz tanker traffic stays thin

International oil markets pushed Brent crude above $90 a barrel on Friday, with London trading at $90.16 and U.S. benchmarks at $85.34. Traders cited the persistently thin flow of tankers through the Strait of Hormuz after a fresh wave of U.S.–Iran hostilities. The Iranian Revolutionary Guard stopped two tankers attempting the passage and forced four to turn back, while two super‑tankers eventually left the Persian Gulf, leaving overall transit described as “slim.”

Iran’s Strait Authority announced that transit remained halted following new U.S. attacks in the region, prompting Tehran to strike a U.S. base in Kuwait. Yemen’s Ansar Allah movement blocked a Saudi Red Sea port and attacked Saudi tankers, saying it was retaliating against a Saudi blockade of Yemen. Saudi Arabia, together with 13 other nations—including Turkey, Pakistan, Egypt, Sudan and Djibouti—proposed a coalition to safeguard shipping in Bab al‑Mandab, the Red Sea and the Gulf of Aden. An OPEC basket price rose $1.05 to $89.44 per barrel. Market analyst Ole Hvalbye noted, “The market is no longer trading on war news but on data about maritime traffic.”