Oil prices settle up more than $4 a barrel on renewed US-Iran fighting

Oil prices surged more than $4 per barrel on Tuesday, reaching a five-week high, as traders feared potential supply disruptions from renewed fighting between the U.S. and Iran. Brent futures climbed $4.16, or 4.6%, to $94.65 per barrel, while U.S. West Texas Intermediate (WTI) crude increased $4.46, or 5.2%, to $90.22, marking the highest close for Brent since July 24 and for WTI since July 23.

The U.S. launched new air strikes on Iranian targets, putting an end to hopes that a brief exchange of fire last weekend might not signal a wider resumption of hostilities.

Brief written by urgent.news from CNA - Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.