Oil Prices Rise Amid Escalating U.S.-Iran Tensions
Oil prices rose for the second consecutive session on Thursday as renewed military conflict between the United States and Iran heightened concerns over global energy supply disruptions. The escalation, which included U.S. strikes against Iranian targets following missile attacks from Tehran, intensified worries about shipping through key straits like Hormuz, a critical route for oil shipments. The Strait of Hormuz remains central to market anxiety as it handles around 20% of the world's oil and gas traffic. Analysts noted that while traders are closely monitoring whether exports remain uninterrupted, ongoing strikes continue to influence pricing in global markets. Additional supply risks emerged from disruptions at Bab el-Mandeb and a drone attack affecting operations in Kazakhstan. Despite some signs of continued shipping activity through Hormuz, such as the transit of an LNG tanker with Iranian permission, analysts emphasized that sustained physical disruption would be needed for oil prices to break decisively higher.