Brent rose to a new six-week high of $98 per barrel, extending its rally for a fifth consecutive session amid escalating tensions in the Middle East and growing risks of supply disruptions.

Donald Trump warned that the US would strike Iranian infrastructure if Tehran attacks vessels in the Strait of Hormuz. Iran, in turn, threatened retaliatory strikes against US-linked energy facilities across the region.
At the same time, the Iran-backed Houthis attacked two Saudi oil tankers in the Red Sea with missiles and drones. These were the first direct strikes on tankers along this route, raising concerns over a key alternative corridor for Saudi oil exports.
The conflict is entering a new phase: risks to shipping are rising simultaneously in both the Red Sea and the Strait of Hormuz.