Brent crude futures rose for a fourth consecutive session on Thursday, climbing 33 cents, or 0.4%, to $85.28 per barrel.
The gain follows a sharp 12% surge over the previous three trading days, driven by fresh US military strikes on Iranian sites that have heightened concerns over a broader regional conflict.
Goldman Sachs has raised its near-term outlook, suggesting Brent could hit $110 per barrel if the conflict expands further.
The move marks a significant reversal from earlier in July, when oil prices had slid for three days as diplomatic talks between Washington and Tehran appeared to ease supply fears.
The renewed volatility underscores the fragility of the energy market amid ongoing geopolitical tensions.
Goldman Sachs has raised its near-term outlook, suggesting Brent could hit $110 per barrel if the conflict expands further.
The bank’s assessment reflects growing anxiety among traders about potential disruptions to shipping routes through the Strait of Hormuz, a critical chokepoint for global oil supplies.
This follows earlier warnings from May regarding Iran’s potential to impose fees on ships in the strait, which had already spurred market volatility.
The escalation comes after a brief respite in late June and early July, when Gulf equities rose and oil prices softened as diplomatic channels remained open. However, the latest strikes have quickly eroded that optimism, with markets repricing the risk of a prolonged supply disruption.