Crude oil rose above $74 per barrel on Thursday, extending its rally for a third consecutive session after the US military confirmed a second day of strikes on Iran. The escalation has intensified regional tensions and stoked concerns over potential disruptions to Middle Eastern energy supplies.
The US said the strikes were aimed at limiting Iran’s capacity to threaten commercial shipping through the Strait of Hormuz, a critical chokepoint for global oil flows. In response, Tehran vowed a large-scale retaliatory campaign against US military installations across the region.
President Donald Trump said he considered the ceasefire to be over and warned of further military action against Iran, including the possibility of a new blockade. He also cautioned that oil prices could rise further and indicated that future strikes might target Iran’s key export facility on Kharg Island.
The renewed hostilities have amplified fears that the collapse of the interim US-Iran peace arrangement could once again disrupt global oil supplies, with the Strait of Hormuz remaining the focal point of the conflict.
