Oil prices rise on Middle East supply disruption fears after U.S. strikes on Iran

Oil prices extended gains on Thursday following fresh U.S. military strikes on Iran, raising concerns about potential supply disruptions in the Middle East. Brent crude rose 1.03% to $78.82/barrel and WTI rose 1.06% to $74.29/barrel, building on a 4%+ gain from Wednesday. The U.S. Central Command stated the strikes were in response to Iranian attacks on commercial shipping near the Strait of Hormuz, and President Trump signaled further action.