Framing Analysis
Brent crude futures reached $91.14 and WTI $85.04 after the U.S. and Israel conducted strikes on Iran on February 28 and Washington declined to extend a temporary ceasefire. A senior Iranian official stated that Iran would adopt a fully offensive military posture, coinciding with commodity vessel transits through the Strait of Hormuz falling from 31 in the prior period to five on Saturday and none registered for Sunday. All data derive from CNA reporting.