Oil prices climb for a fourth straight day amid fears of escalating US-Iran conflict.

Oil prices extended their gains for a fourth consecutive session on Thursday after fresh U.S. strikes on Iranian military targets heightened concerns over a renewed large scale conflict and potential disruptions to oil shipments through the Strait of Hormuz.

 

On Wednesday, the United States targeted Iran’s coastal defence systems and missile facilities following the reimposition of a naval blockade on Iranian ports. In response, Iran warned it could further restrict regional energy exports, describing the confrontation with the U.S. as an “existential war.”