Oil prices, already settling at a two-week high on Wednesday, extended their rally significantly in after-hours trading. The catalyst was an announcement by the U.S. military confirming additional strikes against Iran, marking a further escalation of tensions in the Middle East.

This development immediately impacts crude oil futures, as the region is a critical global supplier. The potential for broader conflict and supply chain disruption is priced in, moving benchmarks like WTI and Brent.

Traders are now weighing the immediate supply risk against existing global demand concerns. While the geopolitical premium is clearly rising, the longevity of this rally will depend on the extent of actual supply disruption and the broader economic outlook. The market will be closely watching for any further escalations or de-escalations from official channels.