Oil Jumps Following Fresh Clashes Between US and Iranian Forces

Oil jumped following renewed clashes between US and Iranian forces, jeopardizing the outlook for a deal to end the 10-week war.

West Texas Intermediate rose as much as 4% toward $99 a barrel after a volatile session Thursday, while Brent closed near $100. US forces intercepted unprovoked Iranian attacks and responded with self-defense strikes as guided-missile destroyers transited the Strait of Hormuz, US Central Command said. Still, the military command added that it “does not seek escalation.”