Oil prices extended gains after the US struck multiple Iranian tankers near the vital crude-export hub of Kharg Island, escalating hostilities and stoking fears of deeper disruptions through the Strait of Hormuz. West Texas Intermediate climbed above $94 a barrel, advancing for a seventh session, while Brent settled near $98. The targeted vessels are tied to Iran's Islamic Revolutionary Guard Corps, and the strikes came in response to attempted missile attacks on a US warship, according to a US official.

The latest escalation raises concerns about supply disruptions in a region that handles about a fifth of global oil shipments. Traders are closely watching for further developments, with analysts warning that sustained conflict could push prices higher. The market's reaction reflects growing risk premium as geopolitical tensions mount.