Oil prices rose on Thursday as escalating conflict between the United States and Iran rattled energy markets. Kuwait closed its airspace, and Israel issued warnings about launches from Lebanon, according to CNBC.
These moves come amid fresh US strikes on Iran, further inflaming regional tensions that have kept traders on edge. The Persian Gulf, a critical chokepoint for global oil shipments, sits at the center of the concern.
No specific price figures were provided in the report. The development underscores how quickly geopolitical risk can translate into real supply disruptions.
Analysts will be watching for any further military escalation or retaliatory actions that could threaten oil infrastructure. The closures of airspace signal a broadening of the conflict's impact on civilian transit.
A sustained spike in crude costs could pressure central banks still wrestling with inflation, though the immediate effect remains uncertain.