FX.co ★ Oil Extends Gains on Threat of More US Strikes

Crude oil climbed toward $80 per barrel on Wednesday, rising for a third straight session after President Donald Trump threatened further military strikes on Iran following the reinstatement of a US blockade against Tehran in the Strait of Hormuz. Trump said military operations would continue and warned that the US could target Iranian power plants and bridges next week unless Tehran returns to the negotiating table. At the same time, he abandoned plans to levy a 20% fee on cargo transiting the Strait of Hormuz, saying any lost revenue would be more than offset by future investment from Gulf nations into the US. Oil prices have rallied this week as renewed tensions between Washington and Tehran have intensified supply concerns, adding fresh uncertainty just as Persian Gulf producers had increased exports in the wake of the interim peace agreement.