Oil prices jump 4% as fresh US-Iran fighting stokes supply fears
NEW YORK — Oil prices jumped about 4 percent to a one-week high on Tuesday as a resumption in fighting between the U.S. and Iran renewed fears of supply disruptions from the Middle East. Brent futures rose $3.44, or 3.8 percent, to $93.93 a barrel at 1:10 p.m. EDT (1710 GMT), while U.S. West Texas Intermediate crude rose $3.72, or 4.3 percent, to $89.48. That puts Brent on track for its highest…
Oil prices surged approximately 4% to a weekly peak on Tuesday, driven by fresh fighting between the U.S. and Iran that renewed concerns over potential supply disruptions in the Middle East. Brent futures climbed $3.44, or 3.8%, to $93.93 per barrel at 1:10 p.m. EDT, while U.S. West Texas Intermediate crude increased $3.72, or 4.3%, to $89.48.
This pushes Brent towards its highest close since August 20 and WTI towards its highest close since July 23. The U.S. executed new air strikes on Iranian targets on Tuesday, dispelling hopes that the exchange of fire last weekend might not signal a broader resumption of hostilities. Oil prices had already risen following that initial exchange of direct attacks since July and after reports of two tankers being hit in the Strait of Hormuz, the critical oil supply route controlled by Iran.
Despite a threat from U.S. President Donald Trump to retaliate harshly against Iran and a warning from U.S. Treasury Secretary Steven Mnuchin, Tehran remained resolute, asserting that Iran would prevent oil exports from the Gulf, despite the U.S. threat.
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