London (TDI): Oil prices rose for a fourth consecutive session on Thursday as fresh US strikes on Iranian military targets heightened fears of a wider regional conflict and further disruptions to global energy supplies through the Strait of Hormuz.
Brent crude futures rose 33 cents, or 0.4%, to $85.28 a barrel, while US West Texas Intermediate (WTI) crude gained 42 cents, or 0.5%, to $80.02 a barrel in early trading.
Both benchmarks had also posted gains on Wednesday and remained close to their highest levels in nearly a month.
The latest increase came after the United States carried out fresh strikes on Iranian coastal defense and missile sites following the imposition of a naval blockade on Iranian ports. Iran, in turn, warned it could further disrupt regional energy exports, raising concerns over the security of the Strait of Hormuz.
Analysts said renewed tensions in the Middle East have shifted market sentiment in favour of higher oil prices due to the risk of supply interruptions.
Read More: Oil Hits One-Month High as US-Iran Conflict Escalates Again
The Strait of Hormuz, through which roughly one-fifth of the world’s oil and liquefied natural gas shipments normally pass, has remained at the centre of market concerns since hostilities between the United States and Iran resumed last week.
Read More: Oil Surges 5% as US-Iran Tit-for-Tat Enters Fourth Consecutive Day
Separately, the US Energy Information Administration reported that American crude oil inventories fell by 1.7 million barrels during the week ending July 10, compared with market expectations of a 2.6 million-barrel decline
