Global oil prices extend move over $90 after report of two tankers struck in Hormuz

Oil futures extended gains past $90 a barrel after reports that two tankers had been struck in the Strait of Hormuz. West Texas Intermediate's October contract and Brent's November contract both climbed to their highest levels in nearly two weeks, reflecting a sharp repricing of supply risk in a commercially vital waterway.

The Strait of Hormuz is a narrow passage through which a significant portion of the world's seaborne crude flows. When physical assets are hit in such a chokepoint, traders immediately account for the possibility of broader disruptions or delays to tanker traffic, even before any supply loss has been confirmed. The move above $90 is therefore less about today's barrels and more about the potential for tomorrow's freight routes to be constrained.

What to watch now is whether the incident remains isolated or triggers a wider escalation that could affect shipping lanes and energy infrastructure. Should shipping traffic normalize and the damage be contained, the risk premium may recede. Until then, the market is likely to remain sensitive to any new developments from the region.