Oil jumps more than 5% after renewed fighting between the US and Iran

Oil prices rose by more than $4 per barrel on Tuesday, closing at their highest level in five weeks amid traders’ concerns that escalating fighting between the United States and Iran could disrupt supplies from the Middle East.

Brent crude futures climbed $4.16, or 4.6 percent, to $94.65 per barrel at the close. U.S. West Texas Intermediate crude rose $4.46, or 5.2 percent, to $90.22 per barrel at the close.

This marked the highest closing price for Brent crude since July 24 and for WTI since July 23.