Oil Prices Rise as U.S.-Iran Tensions Disrupt Key Shipping Routes
Oil prices rose for the second consecutive day on Thursday amid renewed military clashes between the United States and Iran, which have disrupted oil flows through key shipping routes. Brent crude climbed to $91.80 per barrel while West Texas Intermediate (WTI) reached $84.85 a barrel as geopolitical tensions persist in the region. The U.S. military conducted strikes on Iranian targets following missile attacks by Iran, intensifying concerns over oil shipments through the Strait of Hormuz—a critical global energy chokepoint. Analysts noted that while diplomatic efforts are ongoing, market pricing reflects continued uncertainty and risk premiums due to physical disruptions. In addition to the Hormuz strait, shipping has also been affected at Bab el-Mandeb by Yemen's Houthi group, which is considering imposing fees on commercial ships in the Red Sea. A recent drone attack further disrupted oil loadings through the Caspian Pipeline Consortium.