Oil jumps 3% as US, Iran expand strikes in the Middle East

Oil prices jumped about 3% on Monday, with Brent oil prices surpassing $90 per barrel, as escalating US-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz. Brent crude futures climbed $2.77, or 3.14%, to $90.87 by 0612 GMT, touching the highest since June 11, extending gains after rising 15.9% last week, its biggest weekly gain since April. US West Texas Intermediate crude was at $84.84 a barrel, up $2.35, or 2.85%, the loftiest since June 12. Front-month prices gained 15.5% last week, the largest weekly ascent since early March. The Middle East conflict escalated over the weekend with the US conducting a ninth straight night of attacks against Iran, while US allies Kuwait and Bahrain reported more Iranian strikes.