Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure

Brent crude rose 1.25 percent to $85.28 a barrel and WTI climbed 1.3 percent to $79.98, with both benchmarks up nearly 12 percent this week amid escalating US-Iran hostilities and threats of a Red Sea closure by Houthi allies. The US launched repeated air strikes on Iranian targets for the sixth consecutive night, while Iran countered with missiles and drones at US bases in neighbouring states. IEA Executive Director Fatih Birol warned that oil security remains a critical issue, adding supply risk concerns for major importers like India.