Oil prices jump more than 3 per cent amid fears of renewed U.S.-Iran combat

Oil prices jumped more than 3% on Friday, rising over $3 a barrel as comments from President Trump and Iran’s foreign minister reduced hopes for a deal to halt ship attacks and seizures near the Strait of Hormuz. The move reflects heightened geopolitical risk to energy supply routes and a firmer risk premium in crude markets.

Analysis

Oil prices jumped more than 3% on Friday, rising over $3 a barrel as comments from President Trump and Iran’s foreign minister reduced hopes for a deal to halt ship attacks and seizures near the Strait of Hormuz. The move reflects heightened geopolitical risk to energy supply routes and a firmer risk premium in crude markets.