Geopolitical tensions and reduced shipping activity in the Strait of Hormuz drive oil prices higher amid no signs of de-escalation.
West Texas Intermediate crude oil rose to $84.80 per barrel in Asian trading, extending a four-day rally. Escalating US-Iran tensions and restricted transit through the Strait of Hormuz fueled supply concerns, with no immediate resolution in sight.
US crude inventories fell by 328,000 barrels last week, reversing part of the prior week’s 9.07 million-barrel build. Analysts noted shipping disruptions remain severe, with eight attacks on vessels reported this month alone.
President Donald Trump confirmed the US naval blockade remains active, and no negotiations with Tehran are underway. Market sentiment stayed cautious as Iranian forces intensified regional actions.