Oil prices extend gain for fourth day, stay beyond $85 amid Middle East chaos
Crude oil prices have risen for the fourth consecutive day, remaining above $85 per barrel due to escalating tensions between the United States and Iran. Concerns over the security of the Strait of Hormuz and potential disruptions to global energy shipping routes are driving market volatility.
Why it matters
Energy price spikes directly impact global inflation and the cost of living, making the stability of Middle Eastern shipping lanes a critical concern for the global economy.
Crude oil prices continued to inch higher for the fourth day straight, staying beyond the $85 per barrel mark, on Thursday. The hike comes as investors react to a fresh escalation in the conflict between the United States and Iran, with concerns mounting over the security of major global energy shipping routes.Around 7 am IST, Brent crude was trading at $85.48 a barrel by 0026 GMT, up 0.53%, while US West Texas Intermediate (WTI) crude rose 0.84%, to $80.27 a barrel. The two benchmarks had also posted gains of around 0.3% in the previous session and remained close to the one-month highs reached earlier this week.The latest advance came after the United States carried out strikes on Iran's missile sites and coastal defence positions on Wednesday, following the reimposition of a naval blockade on Iranian ports.
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