On Monday, Brent crude rose approximately 2.77% to exceed $90 per barrel, while U.S. West Texas Intermediate crude increased about 2.4% to $84.49. This price surge follows a series of U.S. military strikes in response to Iranian attacks, which have resulted in American casualties. The U.S.
Central Command confirmed that operations are targeting Iranian military capabilities that threaten commercial shipping in the Strait of Hormuz. David Roche from Quantum Strategy noted that the global crude market is tightening as Gulf exports decline, predicting that oil inventories could become critically low by September.
He advised investors to maintain long positions in Brent crude, with price targets set between $95 and $105 per barrel