Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure

Oil prices inched higher as the U.S. and Iran escalated attacks across the Gulf, tightening supply amid a broken truce. Disruptions include reduced flows out of the Strait of Hormuz and Iran urging the Houthis to stand ready to shut the Red Sea export route, raising downside risks to crude logistics and benchmarks.

Analysis

Oil prices inched higher as the U.S. and Iran escalated attacks across the Gulf, tightening supply amid a broken truce. Disruptions include reduced flows out of the Strait of Hormuz and Iran urging the Houthis to stand ready to shut the Red Sea export route, raising downside risks to crude logistics and benchmarks.