Oil prices climb 7% in two days after US military action raises supply disruption fears in the Middle East.
West Texas Intermediate crude surged past $84.00 a barrel Thursday, extending a 7% rally over the past two days. The move follows renewed US airstrikes targeting Iranian-backed groups, heightening concerns over regional supply stability.
Prices had slumped to $77.16 earlier in the week before geopolitical tensions reignited. Analysts note the $84 level marks a near three-month high for the US benchmark, with volatility expected to persist amid escalating Middle East conflicts.
Markets reacted swiftly, with energy futures leading gains across commodities. Safe-haven assets also saw modest support as traders assessed potential supply chain risks.