Washington (IANS): Global oil prices hovered near $90 per barrel on Tuesday as the war involving Iran rattled energy markets and raised fears of supply disruptions through the strategic Strait of Hormuz.
According to reports by CNBC and CNN, Brent crude, the global oil benchmark, traded at around $91.94 per barrel, while West Texas Intermediate crude slipped to about $88.87 after a volatile start to the week.
Strait of Hormuz Disruption Fears
Energy markets remain on edge as the conflict threatens tanker movement through the Strait of Hormuz. The narrow waterway between Iran and Oman handles a large share of global oil exports from major producers such as Saudi Arabia, Iraq, and the United Arab Emirates.
Industry leaders warn that prolonged disruption could severely affect global supply.
Amin Nasser, CEO of Saudi Aramco, said the conflict could trigger a major crisis in energy markets.
“There will be catastrophic consequences for the world’s oil market,” Nasser said, warning that the current situation may become the biggest crisis faced by the region’s oil and gas industry.
Prices Swing Amid War Uncertainty
Oil prices surged earlier in the week amid fears that the war could choke off shipping routes. Prices briefly approached $120 per barrel before retreating.
Markets later cooled after comments from Donald Trump, who suggested the conflict could end soon.
“I think the war is very complete, pretty much,” Trump said in a phone interview cited by CNN.
However, analysts say the outlook remains uncertain. Even temporary disruptions in shipping could send shockwaves through global energy markets.
Shipping Slowdown Raises Alarm
A report by The Wall Street Journal said tanker traffic through the Strait of Hormuz has slowed significantly due to security concerns.
The newspaper described the situation as one of the most serious threats to global oil flows in decades.
Trump also warned Iran against blocking the strategic passage.
“If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States twenty times harder,” Trump said in a Truth Social post.
US Lawmakers Push Fuel Relief
Rising oil prices have already pushed gasoline prices higher in the United States.
In response, a group of lawmakers introduced the Gas Prices Relief Act, a proposal aimed at lowering fuel costs for consumers.
Mark Kelly, Richard Blumenthal, and Chris Pappas introduced the bill to temporarily suspend the 18.4-cent-per-gallon federal gasoline tax until October 1, 2026.
Lawmakers say the measure would help ease pressure on households while global energy markets remain unstable.
Energy analysts, however, warn that such steps may provide only temporary relief if tensions in the Middle East escalate further.
