Iran threatens to close energy chokepoints, lifting Brent Crude above $85 for a fourth straight session amid escalating tensions.
Brent Crude rose 0.83% to hold above $85 per barrel in early European trading Wednesday, extending a four-day rally. WTI Crude climbed 0.89% past $80 as Iran pledged to shut down 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 and broader Middle East instability. Prior sessions saw modest gains, but the latest geopolitical escalation accelerated the upward trend.
No immediate market reaction data was reported beyond the price movements.