ALBAWABA - Oil prices jumped more than 3 percent on Thursday morning after renewed tensions between the United States and Iran in the Strait of Hormuz.
Brent crude futures rose $3.51, or 3.72 percent, to $97.80 a barrel by 03:44 GMT, while the more actively traded August contract climbed $3.35, or 3.63 percent, to $95.60. The July contract is set to expire on Friday, according to Reuters.
U.S. West Texas Intermediate crude futures rose $3.31, or 3.73 percent, to $91.99.
Both benchmarks had fallen more than 5 percent to their lowest levels in a month during the previous session, amid anticipation of a possible U.S.-Iran agreement to end the war and reopen the Strait of Hormuz.
Gasoline prices are displayed at a BP station on April 29, 2026 in Chicago, Illinois. Photo by SCOTT OLSON / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP
Both benchmarks had fallen more than 5 percent to their lowest levels in a month during the previous session, amid anticipation of a possible agreement between the United States and Iran to end the war and reopen the Strait of Hormuz.
Iran's Revolutionary Guard Corps (IRGC) announced on Thursday that it had targeted an American airbase, following what it described as a U.S. attack that occurred at dawn near Bandar Abbas airport, according to the Tasnim news agency.
A U.S. official told Reuters that the military launched new airstrikes in Iran targeting a military site that officials believe poses a threat to US forces and commercial shipping in the Strait of Hormuz.
