Oil prices extend gain for fourth day, stay beyond $85 amid Middle East chaos

Brent crude reached $85.48 a barrel, up 0.53%, while WTI crude rose 0.84% to $80.27.

The United States carried out strikes on Iran's missile sites and coastal defense positions, escalating conflict.

Escalation raises concerns about oil shipments through the Strait of Hormuz, which handled about one-fifth of global oil and LNG trade.

Iran warned it could use Houthi allies to block the Bab el-Mandeb gateway into the Red Sea.

Goldman Sachs said Brent could exceed $110 in Q4 if Gulf export flows face delays, or fall to $60s if tensions ease.