FX.co ★ Oil Climbs as US Intensifies Strikes on Iran

Crude oil prices rose above $80 per barrel on Thursday, marking a fourth consecutive session of gains, as the US intensified its military campaign against Iran to protect shipping through the Strait of Hormuz. US forces conducted new airstrikes on Wednesday, hitting Iranian missile storage facilities and launch sites near the strategic waterway. Reports also suggested that President Donald Trump is considering an expansion of US military operations and has discussed the potential seizure of Kharg Island, Iran’s main oil export terminal. The escalating conflict pushed oil prices to a one-month high and reignited concerns about possible supply disruptions in the Middle East, reversing roughly one-third of the second-quarter decline that followed the interim peace agreement, which had improved the supply outlook. At the same time, ongoing Ukrainian attacks on Russian fuel production facilities and oil tankers further stoked fears of tightening global supplies.