London, Jul 09 (V7N)- Global crude oil prices extended their gains on Thursday after the United States launched a new wave of military strikes on Iran, heightening concerns over potential disruptions to energy supplies from the Middle East.
According to Reuters, Brent crude futures rose 78 cents, or 1 percent, to $78.80 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 74 cents, or 1.01 percent, to $74.26 per barrel.
The upward trend began after markets closed on Wednesday, when reports of fresh U.S. military action against Iran pushed both benchmark crude prices up by more than one dollar. Earlier in the trading session, Brent and WTI had already settled at their highest levels in more than two weeks.
The latest escalation in geopolitical tensions has renewed concerns among investors about the stability of global energy supplies, particularly given the strategic importance of the Middle East and the Strait of Hormuz to international oil shipments.
The surge in oil prices also weighed on broader financial markets. U.S. stock market sentiment weakened following the attacks, while prices of U.S. Treasury futures declined as investors reacted to the growing geopolitical uncertainty.
Market analysts said developments in the Middle East will remain a key driver of oil prices in the coming days, with investors closely monitoring any further military escalation that could affect global energy markets.
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