Oil extends gains for fourth day on fears of wider Middle East conflict

Oil prices have climbed for the fourth straight day due to escalating tensions in the Middle East, driven by recent U.S. strikes on Iranian military sites. This ongoing conflict has heightened global fears of a broader regional war, causing investors to seek safety in commodities like oil. The sustained price increases are not just an economic blip; they reflect deeper geopolitical instability that could have far-reaching implications for global markets and energy policies. The rising oil prices underscore the delicate balance of power in the Middle East and its direct impact on global supply chains.