Muscat: Oil prices rose for a fourth consecutive session today as a fresh wave of US strikes on Iranian military targets fuelled concerns over a broader conflict and potential supply disruptions in the Strait of Hormuz. Brent crude futures climbed 33 cents, or 0.4 percent, to $85.28 a barrel, while US West Texas Intermediate crude advanced 42 cents, or 0.5 percent, to $80.02 a barrel.

According to Oman News Agency, both benchmarks rose about 0.3 percent on Wednesday and remained near their one-month highs reached on Tuesday. Oil prices have climbed this week as supply disruptions in the Strait of Hormuz worsened following the attacks. About one-fifth of global oil and LNG trade passed through the strait before the war.

Goldman Sachs has indicated that Brent could exceed $110 a barrel in the fourth quarter if Gulf export recovery stalls, but could fall to between $60 and $69 by year-end if tensions ease and production recovers faster than expected. US crude inventories fell by 1.7 million barrels in the week ended 10 July 2026, compared with analyst expectations for a 2.6 million barrel decline, the Energy Information Administration said.