Oil spikes above $90 as trade tensions rise

Oil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities. Brent crude's move above $90 a barrel — its first since mid-June — builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz. Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide. The energy shock comes as trade tensions surface elsewhere, with Brazil's finance chief responding to new U.S. tariffs by pledging reciprocity rather than retaliation. The dual pressures on energy and trade markets suggest a broader repositioning of global economic relationships.