Oil prices surged in Asian markets Monday following continued US strikes on Iran and a fire aboard a vessel in the Strait of Hormuz.
Brent crude jumped over 2.7% to $90.50 per barrel, briefly touching $91. US benchmark West Texas Intermediate rose 2.4% to $84.46.
The price spike reflects growing fears of potential disruptions to global oil shipments through the strait, a vital energy corridor.
The British maritime security agency UKMTO reported a ship was burning in waters northwest of Oman. The cause remains unspecified.
US President Donald Trump stated Sunday that strikes against Iran were in retaliation for recent American troop deaths in the region.
Kuwait's military separately confirmed it was responding to an Iranian drone attack on its territory.