US crude prices climbed above $90 per barrel for the first time since late July, as a fresh wave of American strikes against Iran fueled concerns over prolonged disruptions to energy shipments through the Strait of Hormuz. West Texas Intermediate surged 5.2% amid the renewed hostilities between Washington and Tehran. President Donald Trump said the strikes were launched in retaliation for Iran's attempted mining of the strait and a prior attack on a US military base in Jordan.

Earlier, maritime security consultancy Marisks reported that two very large crude carriers attempting to exit the Strait of Hormuz came under projectile attack on Monday evening. With tensions escalating, traders are closely monitoring how much further the conflict could deteriorate. Iran's Islamic Revolutionary Guard Corps has warned of "severe punishment" for American retaliation, while Trump told Fox News that any Iranian response would be met with overwhelming military force, adding that Iran could be "wiped out entirely."

The surge in oil prices is rippling across global markets. Rising energy costs have amplified concerns over inflation and the potential for further interest rate hikes, sending global bond yields to their highest levels in nearly two decades on Tuesday. After a volatile stretch, crude prices posted only a modest gain in August but remain up more than 55% year-to-date. WTI for October delivery settled 5.2% higher at $90.22 per barrel, while Brent for November delivery advanced 4.6% to close at $94.65 per barrel.