Oil prices extend gain for fourth day, stay beyond $85 amid Middle East chaos

AI Summary

Crude oil prices extended gains for a fourth consecutive day, surpassing $85 per barrel amid escalating conflict between the United States and Iran. U.S. strikes targeting Iranian missile sites and coastal defenses heightened fears over the security of the Strait of Hormuz, potentially disrupting oil shipments.

Crude oil prices climbed for a fourth day, exceeding eighty-five dollars per barrel. Investors reacted to escalating United States and Iran conflict and shipping route security. United States strikes on Iran's missile sites and coastal defense positions occurred. This intensified worries over oil moving through the Strait of Hormuz. Analysts suggest prices could rise further depending on conflict developments.