Oil Prices Rise for Fourth Consecutive Day as Markets Focus on Strait of Hormuz
Oil prices rose for the fourth consecutive day due to escalating tensions between the United States and Iran, especially after American strikes on Iranian targets and Iran's threats to block energy routes through the Strait of Hormuz. Brent crude futures increased by 0.4% to reach $85.28 per barrel, while West Texas Intermediate rose by 0.5% to $80.02, amid concerns over the potential escalation of the conflict and its impact on global oil supplies. Analyses suggest that prices could climb above $87 if the escalation continues, with expectations that US inventories may decline by 1.7 million barrels.
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