Oil Extends Rally Past $80 as US-Iran Tensions Spike
WTI crude rose above $80 a barrel for a fourth consecutive session on mounting supply fears after US airstrikes on Iran and a tanker disruption near the Strait of Hormuz. President Trump vowed to intensify military operations until shipping attacks stop.
Oil prices extended their rally for a fourth straight session, with West Texas Intermediate crude trading above $80 a barrel. The move was driven by escalating US-Iran tensions and attacks on shipping through the strategic Strait of Hormuz, raising fresh concerns over global crude supply.
The US continued airstrikes against Iranian targets and disabled a tanker heading toward an Iranian port. President Trump pledged to step up military operations until the shipping attacks cease. The combination of sanctions, military action, and chokepoint disruption has tightened supply expectations in the near term.
- WTI crude above $80/bbl for the first time in months.
- US strikes on Iran and tanker interdiction escalate the conflict.
- Trump vows to continue operations until attacks on shipping end.
- Geopolitical risk remains elevated amid Strait of Hormuz concerns.
Source: First Squawk