WTI rises 0.8%, Brent gains 0.6% as U.S.-Iran conflict escalates

  • U.S. military struck three Iranian oil tankers after missiles targeted two Navy warships.
  • WTI rose 0.8% to $92.18, while Brent gained 0.6% to $96.82.
  • Strait of Hormuz control intensified as U.S.-Iran fighting continued.

Oil prices advanced in early Asian trading as the escalating U.S.-Iran conflict raised concerns about supply disruptions in the Middle East. WTI (West Texas Intermediate) crude futures rose 0.8% to $92.18 a barrel, while Brent gained 0.6% to $96.82. The U.S. military said it struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles toward two Navy warships, intensifying the battle for control of the Strait of Hormuz. ANZ Research analysts said renewed attacks had diminished expectations that Middle Eastern oil flows would return to normal.

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