Brent and WTI crude prices firm as US strikes on Iran and Houthi blockade warnings stoke supply disruption fears in key shipping lanes.
Oil prices extended gains to one-month highs as escalating US-Iran strikes and Houthi blockade threats heightened supply risks in the Gulf. Brent and WTI briefly pared gains on ceasefire speculation but rebounded after Saudi-led forces warned of a forceful response to Houthi naval threats, reigniting shipping disruption concerns.
Prior sessions saw crude rally on reports of nearly 100 US troop injuries in Iranian attacks, with traders pricing in a sustained geopolitical premium. A record volume of crude at sea may limit further upside, though analysts warn of sharper repricing if the Strait of Hormuz or Red Sea routes face confirmed closures.
Markets remain volatile as diplomatic signals clash with military escalation, with traders prioritizing supply risks over mediation efforts.