Oil prices climbed sharply on Thursday as fears of a possible US military strike on Iran raised concerns about supply disruptions from the Middle East. A US naval group has also arrived in the region, adding to concerns over security risks to oil supply routes. Any disruption to Iranian exports or regional shipping could tighten global oil supplies and push rates higher. Investors are increasingly expecting escalation after reports that the US administration wants to target Iranian security forces and leadership. Energy markets remain sensitive to developments in the Middle East, where even limited conflict can have an outsized impact on oil prices due to the region’s role in the global energy market.