International benchmark Brent crude climbed above $91 per barrel following reports that an unidentified projectile struck a vessel transiting the Strait of Hormuz.
The incident in the strategically vital waterway heightened supply concerns among market participants, driving an immediate uptick in crude futures. The Strait of Hormuz serves as a critical transit chokepoint for a significant portion of the world's petroleum supply, making maritime security in the region a key focus for energy markets.
