Oil extends gains as Iran strikes targets in Strait of Hormuz
Brent crude rose 1.4% to $83.62 a barrel after Iran struck targets in the Strait of Hormuz, building on a 4.9% jump in the previous session. The price moves underscore how regional tensions continue to ripple through global energy markets.
Brent crude climbed 1.4% to $83.62 a barrel after reports that Iran struck targets in the Strait of Hormuz, adding to a 4.9% surge in the previous trading session.
The Strait of Hormuz remains a critical corridor for a significant share of the world's seaborne oil shipments. Rising military tension in the area is prompting traders to price in the risk of potential supply disruptions.
Analysts say that if tensions persist, oil price volatility could increase further, reviving inflation pressure concerns for energy-importing economies around the world.
Read next
Yemen: Two civilians killed in Houthi strike on Marib, government says
Yemen's Health Minister Qassem Bahaibah says two civilians were killed and 14 injured in a Houthi strike on Marib. He accused the group of targeting residential areas and camps for displaced people.
US unexpectedly sheds 23,000 jobs in blow to Trump before midterms
China overtakes US to lead global R&D spending, hitting $615 billion
Kenya's High Court declares 2027 election date unconstitutional
