Oil prices jump more than 4% after US strikes on Iran

BASRA, Iraq — Oil prices rose more than 4% on Tuesday after the United States renewed strikes against Iran, as markets weighed the potential impact of escalating Middle East tensions on global supply. Brent crude recorded a sharp climb in international trading, with traders focusing on the security of energy infrastructure in the Persian Gulf. Analysts said supply risks could deepen further if the conflict continues, a signal that fuel costs are likely to rise in energy-importing countries. Global equity markets turned volatile after the strike reports, reflecting a shift toward risk aversion. Gold and other safe-haven assets also saw demand as geopolitical uncertainty strengthened. Volatility in oil markets remained a central item on investors' agendas, with no immediate clarity on how the confrontation would evolve.