Brent Extends Gains on Fresh US Strikes

Brent climbed above $85 per barrel on Wednesday, advancing for a third consecutive session after the US launched another wave of strikes against Iran while reinstating its naval blockade of Iranian ports near the Strait of Hormuz. US forces targeted dozens of military assets along Iran’s coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran’s ability to disrupt shipping through Hormuz. Meanwhile, President Donald Trump abandoned plans to impose a 20% fee on cargo transiting the strait, saying any lost revenue would be more than offset by future investments from Gulf nations into the US. Oil prices have surged this week as renewed hostilities between Washington and Tehran intensified supply concerns, adding fresh uncertainty after Persian Gulf producers ramped up exports following the signing of the interim peace agreement.