Oil jumps more than 3% as US-Iran strikes resume
What's new: Brent climbed to $86.97 and WTI to $82.09 after Iran hit US forces and US-Saudi strikes targeted sites in Iraq.
Oil prices rose sharply in Asia trading after fighting between the United States and Iran flared again following a brief pause. Brent crude for September delivery gained 3.42% to $86.97 a barrel, while West Texas Intermediate added 3.58% to $82.09. US Central Command said Iran's Islamic Revolutionary Guard Corps fired multiple ballistic missiles at US forces in the Middle East. In response, US and Saudi forces struck what Centcom described as logistics and weapons sites in eastern Iraq after more than 30 drone attacks in three days by Iran-aligned fighters. A separate UK Maritime Trade Operations advisory also reported suspicious activity in the Red Sea, adding to supply concerns.