Global Oil Prices Rise for Fourth Straight Day Amid Escalating U.S.-Iran Tensions
London: Global oil prices climbed for a fourth consecutive day as growing tensions between the United States and Iran fueled concerns over potential disruptions to energy shipments through the strategically vital Strait of Hormuz. According to Reuters, Brent crude futures rose 0.4% to $85.28 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.5%…
London: Global oil prices climbed for a fourth consecutive day as growing tensions between the United States and Iran fueled concerns over potential disruptions to energy shipments through the strategically vital Strait of Hormuz.
According to Reuters, Brent crude futures rose 0.4% to $85.28 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.5% to $80.02 per barrel.
The latest gains follow recent U.S. strikes in Iran, which have heightened fears that energy supplies passing through the Strait of Hormuz could be disrupted, threatening global oil markets.
Market analysts warned that if oil exports from Gulf countries remain constrained, Brent crude prices could surge above $110 per barrel, increasing inflationary pressures and energy costs worldwide.
