Oil jumps more than 3% as US-Iran strikes resume after pause
What's new: Brent climbed to about $87 a barrel after Iran fired missiles at US forces and retaliation hit sites in Iraq.
Oil prices rose sharply after the United States and Iran resumed military action following a brief lull, reviving fears of supply disruption in the Middle East. Brent crude gained more than 3% in Asian trading to about $87 a barrel, while West Texas Intermediate topped $82. The move followed what US Central Command described as an attempted surprise ballistic missile attack by Iran on US forces in the region. The BBC reported Iran said it targeted a US base in Jordan, while US and Saudi forces struck logistics and weapons sites in eastern Iraq in response to more than 30 drone attacks over the previous 72 hours. Markets are also watching the Strait of Hormuz, a critical route for global oil shipments.