Oil jumps 16% in a week amid escalating attacks between Iran and the US

Follow up -INA

Oil prices rose by more than 4% in weekly trading, hitting their highest level in more than a month, after increased tensions between Iran and the United States disrupted oil flows through the Strait of Hormuz again.

Brent crude futures rose $3.87, or 4.59%, to settle at $88.10 a barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed $3.54, or 4.48%, to $82.49 a barrel. Both benchmarks reached their highest levels since mid-June.

Both benchmarks have gained about 16% this week, with Brent on track for its third consecutive weekly gain and WTI for its second.