Oil prices kept climbing for the fourth day in a row as tensions flared up in the Strait of Hormuz after the US-Iran ceasefire collapsed.Brent crude hit $85 per barrel, and WTI climbed past $80, driven by fears that the conflict could spread to other key energy routes in the Middle East.

The Strait of Hormuz, a major chokepoint for global oil and LNG, saw a sharp drop in tanker traffic after Iran attacked commercial ships and the US hit Iranian targets.

Iran's Revolutionary Guard warned of shutting down other export routes that benefit the US and its allies, raising alarms about potential disruptions in the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden.

Analysts say the risk of simultaneous blockages in both straits could severely impact global energy supplies, pushing oil futures into backwardation as traders worry about immediate supply shortages.

The situation highlights the growing geopolitical risks to energy markets, with Saudi Arabia redirecting more exports through the Red Sea to avoid Hormuz constraints.