00:00Oil prices jumped more than $4 a barrel on Tuesday, settling at a five-week high as traders feared more
00:06supply disruptions from the Middle East due to renewed fighting between the US and Iran.
00:11Brent futures rose $4.16 or 4.6% to settle at $94.65 a barrel.
00:18U.S.-West Texas Intermediate WTI crude rose $4.46 or 5.2% to settle at $90.22, and that
00:27was the highest close for Brent since July 24 and for WTI since July 23.
00:32The U.S. launched the new airstrikes on Iranian targets, quashing hopes that an exchange of fire last weekend might
00:39not presage a wider renewal of hostilities.
00:42Oil prices had already risen after that first of exchange, direct attacks since July and after reports of two tankers
00:49being hit, leaving the Strait of Hormuz, the global oil supply waterway that Iran has effectively closed to shipping.
00:56Tehran remained defiant, warning that it would prevent oil being exported from the Gulf, despite a threat by U.S.
01:03President Donald Trump to hit Iran hard in response to the renewed Iranian strikes,
01:06and a warning from U.S. Treasury Secretary Scott Besant that Washington was about to impose new sanctions.
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