Oil markets surged Thursday after Iran dramatically escalated tensions with the United States, fueling fresh fears that one of the world’s most vital shipping corridors could soon become the next battleground in the rapidly expanding Middle East conflict.
The latest spike came as reports emerged that Tehran has instructed its Houthi allies in Yemen to prepare for the possible closure of the Bab el-Mandeb Strait if President Donald Trump orders strikes against Iran’s power infrastructure. The warning has raised alarms across global energy markets, adding another layer of uncertainty to an already volatile region.
Brent crude futures climbed 88 cents, or 1.04%, reaching $85.83 per barrel by 1237 GMT. U.S. West Texas Intermediate crude also gained ground, rising 94 cents, or 1.18%, to $80.54 per barrel as investors reacted to the growing military confrontation.
