Oil prices climbed after US strikes on Iranian tankers and retaliatory missile attacks heightened supply disruption risks in the Gulf.
Crude oil futures gained ground as US forces struck two Iranian tankers attempting to bypass a naval blockade, while Iran launched missiles at the UAE. The exchanges raised concerns over potential supply disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments.
Prices had stabilized earlier in the week on hopes of a ceasefire agreement between the two nations. Analysts noted the latest escalation could delay negotiations, adding upward pressure on oil markets already sensitive to Middle East geopolitical risks.
Traders monitored the situation closely, with front-month Brent contracts trading 0.8% higher at USD 82.45 per barrel following the news.