Oil rises as US, Iran resume military attacks

Oil prices jumped more than 2.5 percent on Monday as the United States and Iran resumed military attacks, reigniting concerns about global supply disruptions. Brent crude futures rose to $90.49 a barrel, its highest level since August 25, while US West Texas Intermediate crude surged to $85.76. The conflict has now entered its sixth month, with shipping activity in the Hormuz Strait, which carries a fifth of global oil supplies, at a low.

US President Donald Trump vowed to "hit them hard" after Iran targeted US air bases in Jordan in response to an attack on Iran's Larak Island. The posturing comes as US Treasury Secretary Scott Bessent said sanctions on Iran aim to create conditions for negotiations, potentially easing supply concerns.