Crude futures extended gains on Thursday following the confirmation of a new U.S. military strike package targeting Iranian assets, as traders immediately began pricing in the risk of prolonged hostilities and tighter global supply.
The escalation has reignited concerns over maritime traffic through the Strait of Hormuz, a critical artery for international oil and LNG shipments.
Any sustained interference in the region would exacerbate existing supply constraints, keeping energy markets volatile.
Market participants are now tracking follow-up military developments and official guidance on shipping security.