With over 260 wounded in fresh strikes and Brent above $85, a shrinking global oil cushion is turning a regional fight into a market trap.

U.S. strikes on Iran escalate tensions over the Strait of Hormuz, impacting Gulf allies and oil prices amid ongoing conflict.

Oil prices rose again on Tuesday, with Brent crude futures hitting more than $86 per barrel, but were still well below the peak since the war began.

The United States launched a third round of strikes on Iran. Iran retaliated by attacking US military bases in Jordan and Bahrain. Two Emirati oil tankers were struck by Iranian…