Oil climbs as US-Iran maritime strikes fuel supply fears

Oil prices extended gains after U.S. and Iran traded strikes on ships in the Strait of Hormuz, raising worries about prolonged Middle East supply disruption. Brent hovered around $96.80 a barrel and WTI near $92.14, with analysts warning exports could remain constrained through 2026 and only gradually recover late in 2026 or into 2027, while OPEC+ kept October output unchanged.