Oil prices extended their dramatic rally for a third consecutive session on Thursday as fresh U.S. military strikes against Iran crushed lingering market hopes for a diplomatic resolution to the Middle East conflict. International benchmark Brent crude futures advanced 1% to reach $78.85 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed to $74.37 a barrel, moving global energy costs perilously close to the $80 threshold.
The renewed surge comes directly after the U.S. military launched an expanded wave of targeted infrastructure bombardments across Iran’s southern coast to forcibly keep the strategic Strait of Hormuz open to maritime commercial shipping.
The latest round of hostilities effectively dismantles a fragile 60-day ceasefire memorandum of understanding after U.S. President Donald Trump bluntly declared the peace framework officially “over” at the NATO summit in Ankara.
Market analysts warn that global crude benchmarks rise under immense pressure because shipowners are taking a deeply cautious stance, with war underwriters already advising maritime fleets to pause voyages through the vital corridor.
With Iran launching retaliatory drone and missile counter-attacks against U.S. defense sites in Kuwait and Bahrain, energy traders expect a prolonged threat to global supply logistics, sparking renewed inflation anxieties across international financial markets.
