Oil futures are climbing as the conflict in the Middle East disrupts shipping through the Strait of Hormuz, a key chokepoint for global energy supplies. Analysts say the near halt in tanker traffic through the strait is raising fears about tighter global oil supplies and pushing prices higher. Oil prices have extended gains even with President Donald Trump saying the U.S. will provide insurance guarantees and naval escorts for tankers moving through the Strait of Hormuz. Analysts say the move could help stabilize shipping, but it may take time to implement. Market analysts say traders previously believed the strait would remain open, but shipping insurance challenges and escalating attacks have made the route increasingly risky. The market is now beginning to price in the possibility of meaningful supply losses as tensions continue in the region.
