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

BREAKING: Oil extends gains above $90 a barrel, hitting near two-week highs, after reports two tankers were struck in the Strait of Hormuz.

Oil just punched through ninety dollars a barrel.

That's a near two-week high, and the reason is grim. Reports say two tankers were struck in the Strait of Hormuz. We covered one vessel taking fire in that lane overnight, and now the count has apparently doubled. Traders didn't wait for details, they just bought.

Here's why this narrow stretch of water moves the whole world. Roughly a fifth of global oil flows through Hormuz, and there's no plumbing around it. Every strike on a hull in that channel is a strike on the price you pay at the pump, whether you live in Tokyo, Texas or Tallinn.

Shippers are already rerouting, insurers are repricing war risk by the hour, and every escalation from here compounds. Ninety dollars isn't the ceiling. It's the market's opening guess at how bad this gets.

This is Dave King, reporting for HIT.