Oil extends gains as Middle East conflict threatens export facilities

The U.S.-Israeli war against Iran entered its third week and the Strait of Hormuz remained shut, marking the biggest disruption to global oil supplies on record. Oil prices extended gains as regional oil infrastructure is at risk, creating volatile, risk-off conditions that add upside pressure to crude and downside risk to global growth and supply-dependent sectors.

Analysis

The U.S.-Israeli war against Iran entered its third week and the Strait of Hormuz remained shut, marking the biggest disruption to global oil supplies on record. Oil prices extended gains as regional oil infrastructure is at risk, creating volatile, risk-off conditions that add upside pressure to crude and downside risk to global growth and supply-dependent sectors.