Iran’s threat to close energy chokepoints lifts Brent Crude above $85 for a fourth straight session amid escalating tensions.
Brent Crude rose 0.83% to above $85 per barrel in early European trading on Wednesday, extending a four-day rally. WTI Crude climbed 0.89% to surpass $80 as Iran pledged to shut additional export corridors used by the U.S. and its allies following the collapse of a ceasefire agreement.
Prices have surged roughly 12% since last Friday, driven by fears of supply disruptions in the Strait of Hormuz. Prior sessions saw modest gains, but the latest geopolitical escalation accelerated the upward trend. No immediate market reaction data was reported beyond the price moves.