Oil prices jump nearly 4% as US strikes on Iran resume

Oil prices jumped nearly 4% on Tuesday to their highest levels in a week, after the United States resumed airstrikes on Iranian targets, renewing fears of disruptions to energy supplies from the Middle East.

According to the latest Reuters update at 17:10 GMT, Brent crude futures rose $3.44, or 3.8%, to $93.93 a barrel, while U.S. West Texas Intermediate crude climbed $3.72, or 4.3%, to $89.48 a barrel.

The surge came after U.S. Central Command announced it had begun striking targets belonging to the Iranian Revolutionary Guard inside Iran, in response to attempts to target commercial ships in the Strait of Hormuz and U.S. forces in the region. Tehran also threatened to block Gulf oil exports, heightening concerns about continued disruptions to energy flows through the strait.

Risks to shipping movements also escalated after two large tankers were hit by unidentified projectiles as they exited the Strait of Hormuz.

Additionally, ship-tracking data showed that only five vessels passed through the strait on Monday, compared to an average of about 14 vessels per day over the previous ten days, with no liquid cargo tankers detected.