Oil prices extended gains following US strikes on multiple Iranian tankers near Kharg Island, a crucial crude-export hub. This action has escalated hostilities and intensified fears of severe disruptions through the Strait of Hormuz. West Texas Intermediate (WTI) climbed above $94 a barrel, marking its seventh consecutive session of gains, while Brent crude settled near $98.
The targeted vessels are reportedly linked to Iran’s Islamic Revolutionary Guard Corps. According to a US official, these strikes were carried out in response to attempted missile attacks on a US warship. This development underscores the heightened tensions in the Middle East and their immediate impact on global oil markets.
The escalating conflict between the US and Iran has prompted concerns among analysts about potential long-term supply disruptions, pushing oil benchmarks closer to $100 per barrel. The situation highlights the geopolitical risks associated with key oil-producing regions and their influence on global energy prices.
