Economy

Oil Surges as Iran-U.S. Fighting Resumes

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Courtroom-sketch editorial illustration of two Iranian ballistic missiles elevated on a camouflaged mobile launcher

Brent crude jumped more than 6% to about $87 a barrel in New York trading after Iran renewed missile attacks on American forces in the Middle East. Earlier Asian trading had Brent up 3.8% at $87.24 and U.S. West Texas Intermediate up 3.4% at $81.99, showing the rally accelerated as markets absorbed the renewed fighting. Iran's barrage followed a pause in strikes, while U.S. and Saudi forces hit Iran-backed militia sites in Iraq. The oil move revived inflation concerns as tanker traffic through the Strait of Hormuz remained sharply constrained.

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