Oil prices extended gains following US strikes on multiple Iranian tankers near Iran’s crucial crude-export hub of Kharg Island. This escalation has heightened fears of significant disruptions to oil flows through the Strait of Hormuz. West Texas Intermediate (WTI) climbed above $94 a barrel, marking its seventh consecutive session of advances, while Brent crude settled near $98.
The targeted vessels are reportedly linked to Iran’s Islamic Revolutionary Guard Corps. The US strikes were carried out in retaliation for attempted missile attacks on a US Navy warship. This development underscores the intensifying conflict and its direct impact on global oil supplies and prices.
