Strait of Hormuz concerns and fresh strikes push Brent and WTI higher amid supply fears.
Image: Logisticsbid
Oil prices rose sharply on Thursday as escalating US-Iran tensions and renewed strikes unsettled global markets.
Brent crude climbed $1.48 to $94.58 per barrel, while US West Texas Intermediate (WTI) gained $1.71 to $91.74, with prices briefly spiking more than $3 earlier in the session.
The surge came after Iran announced the closure of the Strait of Hormuz, a critical route for global energy shipments, and warned that any vessels attempting passage could be targeted. The move intensified fears of major supply disruptions.
Market analysts said the developments suggest prolonged instability and tighter energy flows from the Gulf region, keeping upward pressure on prices as traders brace for further escalation.
