Oil prices jump 12% since Friday on US-Iran hostilities
Oil prices extended their surge into Asian trade on Tuesday, with Brent Crude prices hitting a one-month high.
The renewed war risk premium has crashed the calmer trade of the past weeks amid renewed US-Iran hostilities and the reinstated US blockade of Iranian oil exports.
Both the Brent and WTI benchmarks were advancing by about 2% to their highest levels in weeks, as the market realized the recovery of traffic through the Strait of Hormuz wasn’t as smooth as expected.