Fears of escalating tensions in the Middle East pushed oil prices higher for a fourth straight day, with markets reacting to concerns that recent US strikes in Iran could threaten energy exports through the strategic Strait of Hormuz.
Oil prices rose for a fourth consecutive day amid growing concerns that the latest US strikes in Iran could further disrupt energy shipments through the Strait of Hormuz.
According to Reuters, Brent crude futures gained 0.4% to $85.28 per barrel, while US West Texas Intermediate (WTI) crude rose 0.5% to $80.02 per barrel.
The report said oil prices have climbed this week following disruptions to crude shipments caused by attacks in the Strait of Hormuz.
Analysts warned that if oil exports from Gulf countries remain constrained, Brent crude prices could surge beyond $110 per barrel.
