Oil Climbs 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.

Brent rose as much as 2.5% toward $103 a barrel, snapping a three-day drop, while West Texas Intermediate was near $97. 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 command added that it “does not seek escalation.”