Oil prices rise for a fifth day as escalating regional tensions heighten risks to critical shipping routes.
West Texas Intermediate crude climbed to $87.30 per barrel in Asian trading, extending a five-day rally. The gain follows heightened concerns over Middle East conflicts disrupting key oil transit chokepoints.
Prices have surged nearly 5% this week, outpacing consensus forecasts for stable supply. Comparable geopolitical risks last triggered similar rallies in early 2022, when Brent briefly exceeded $100.
No immediate market reaction data was reported, though futures remained elevated in overnight sessions.