Oil prices rise for a fifth day as attacks on tankers and US-Iran tensions heighten fears of disruptions in key shipping lanes.
West Texas Intermediate crude climbed to $87.30 per barrel in Asian trading, extending a five-day rally. The surge follows missile and drone strikes on Saudi oil tankers in the Red Sea, marking the first direct attacks on vessels in the critical waterway.
Prices had previously hovered near $85.00 earlier this week amid steady demand and OPEC+ supply cuts. The Strait of Hormuz and Red Sea, which handle roughly one-third of global seaborne oil, now face heightened risks as US and Iranian forces exchange strikes.
Markets remain on edge as both sides reject de-escalation, with Iran vowing retaliation against US-linked energy assets and Washington maintaining military pressure.