Oil prices surged more than $1 a barrel on Thursday as fresh US-Iran strikes and mixed signals over the Strait of Hormuz sent jitters through energy markets. Brent crude futures rose to $85.42 a barrel by 14:30 London time, while West Texas Intermediate climbed to $81.10, according to trading data tracked by Reuters . The gains came as Washington and Tehran exchanged a new wave of strikes, with both sides sending conflicting messages about the critical shipping lane’s status.

The escalation follows days of tit-for-tat attacks that have raised fears of broader disruption to Middle East oil flows. “The Strait of Hormuz remains a flashpoint,” said analysts at the Financial Times, noting that any sustained closure could remove up to 20% of global oil supply from the market . Traders cited Washington’s threats of further action against Iran and Tehran’s defiant posture as key drivers of the price spike.

US stocks ended lower as inflation data added to concerns, with the S&P 500 down 0.7% and the Dow Jones Industrial Average shedding 180 points . Technology shares extended losses, while energy stocks bucked the trend, rising 1.2% on the back of higher crude prices. “Oil’s gain is masking broader market unease,” said a strategist at Reuters .

The dollar weakened against major peers as crude’s rise sapped appetite for the greenback, with the euro climbing to $1.0850 and the pound holding above $1.27 . In Europe, investors also braced for the European Central Bank’s interest rate decision later in the day, with economists expecting a 25-basis-point hike to combat stubborn inflation .

Despite the geopolitical heat, some analysts cautioned against overreacting. “The market is still well-supplied, and spare capacity remains,” noted the Financial Times, pointing to ample global inventories and responsive producers . Yet with US-Iran tensions showing no sign of abating, the risk of a supply shock persists. The next 48 hours could determine whether this week’s price surge is a temporary spike or the start of a more sustained rally.

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Shares retreat as techs extend losses, US strikes on Iran lift oil reut.rs/4uxvO0D

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