WTI climbs above $87.00 as Middle East conflict threatens key choke points
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President Trump warned of strikes on Iranian infrastructure if ships in the Strait of Hormuz are attacked.
Iran-backed Houthi militants hit two Saudi oil tankers, marking the first direct tanker strikes in the Red Sea.
US forces launched a 12th day of strikes as both sides continue to downplay peace talks.
West Texas Intermediate (WTI) oil price extends gains for the fifth consecutive day, trading around $87.30 per barrel during the Asian hours on Thursday. Crude oil prices surged as escalating Middle East tensions stoked fears of widespread supply disruptions.
Tensions escalated sharply after US President Donald Trump threatened to strike Iranian infrastructure if Tehran targets ships transiting the Strait of Hormuz, prompting Iran to vow swift retaliation against US-linked energy assets across the region.
Adding to market anxiety, Iran-backed Houthi militants launched missile and drone attacks on two Saudi oil tankers in the Red Sea. The assault marks the first direct strikes on tankers in the waterway, endangering a vital alternative export route for Saudi crude and opening a dangerous new front in the conflict.
With US forces completing a 12th consecutive day of strikes on Iranian targets and both sides dismissing prospects for peace, maritime shipping risks across both the Red Sea and the Strait of Hormuz continue to mount rapidly.
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