Oil Extends Gain as US-Iran Clashes Cloud Outlook for Peace Deal

Oil prices climbed for the third consecutive day as tensions between the US and Iran escalated with fresh strikes, casting uncertainty over the potential for a peace deal that could reopen the Strait of Hormuz, a critical shipping route for global oil supplies. This situation underscores the delicate balance of global energy markets, where geopolitical conflicts can significantly impact prices and economic stability. The ongoing clashes highlight the broader implications for global trade and energy security, emphasizing the need for diplomatic solutions.