The Kabul Tribune (KT) — Reuters has reported that global oil prices rose for a fourth consecutive day on Thursday after a new wave of U.S. strikes on Iranian military installations intensified concerns over a wider conflict in the Middle East and potential disruptions to energy supplies through the Strait of Hormuz.
According to Reuters, the United States struck Iranian coastal defense systems and missile sites on Wednesday after reimposing a naval blockade of Iranian ports. Iran responded by threatening to further disrupt regional energy exports, saying it was engaged in what it described as an "existential war" with the United States.
Brent crude futures rose 33 cents, or 0.4%, to $85.28 a barrel by 0026 GMT, while U.S. West Texas Intermediate (WTI) crude gained 42 cents, or 0.5%, to $80.02 a barrel. Both benchmarks had also posted gains on Wednesday and were trading near one-month highs, Reuters reported.
Reuters quoted Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, as saying that renewed tensions in the Middle East have driven buying in oil markets. He said WTI prices could climb to between $85 and $87 a barrel if the conflict continues to escalate, although regional mediation efforts remain underway and many analysts still consider a full-scale war unlikely.
According to Reuters, oil prices have risen throughout the week as attacks have increased concerns about disruptions in the Strait of Hormuz, a strategic waterway that handled roughly one-fifth of global oil and liquefied natural gas trade before the conflict.
The report said hostilities between Iran and the United States resumed last week, undermining a fragile ceasefire reached in June 2026 after several months of fighting.
Reuters also reported that analysts believe Iran has signaled it could use its Houthi allies in Yemen to threaten shipping through the Bab el-Mandeb Strait, potentially putting another critical global energy route at risk.
Goldman Sachs said Brent crude prices could exceed $110 a barrel in the fourth quarter if Gulf energy exports remain constrained. However, the bank said prices could fall into the $60 range by the end of the year if regional tensions ease and oil production recovers more quickly than expected.
Separately, Reuters cited data from the U.S. Energy Information Administration showing that U.S. crude oil inventories fell by 1.7 million barrels during the week ending July 10, 2026, compared with analysts' expectations of a 2.6 million-barrel decline.
