Oil prices extend gain for fourth day, stay beyond $85 amid Middle East chaos

Oil prices have surged for four consecutive days, breaking the $85 per barrel mark, driven by escalating tensions between the United States and Iran, particularly concerning security in key shipping routes like the Strait of Hormuz. The U.S. military strikes on Iranian missile sites have heightened fears of broader disruptions in the oil supply chain. Analysts predict that prices could climb even higher if the conflict worsens, underscoring the Middle East's critical role in global energy markets. This situation matters because oil prices directly impact everything from transportation costs to the overall economic health of many countries.