Oil Jumps 2% After US Strikes Iran Again, Escalation Fears Return

Brent crude futures rose $1.90, or 2.02%, to $96.19 a barrel by 0015 GMT, while the more active August contract gained $1.64 or 1.78%, to $93.89. The US-Ira-Israel war, which began with US and Israeli forces carrying out joint strikes on Iran on February 28, has caused an unprecedented oil supply shock, pushing up the costs of fuel, fertiliser, and food.

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