US crude jumps over 11pc

US oil prices settled more than 11% higher and Brent soared nearly 8 percent on Thursday in volatile trading, as traders worried about prolonged disruptions to oil supply the day after President Donald Trump said the United States would continue attacks on Iran. Brent crude futures closed USD7.87, or 7.78 percent, higher at USD109.03 a barrel. US West Texas Intermediate crude futures rose USD11.42, or 11.41 percent, at USD111.54 per barrel, settling at their biggest absolute price rise since 2020. Both benchmarks remained below highs near USD120 a barrel touched earlier in the conflict. Trump said military operations would be intensified, but did not specify a timeline for ending hostilities. He gave no details on any steps that could lead to a reopening of the Strait of Hormuz “We’re going to hit them extremely hard over the next two to three weeks,” Trump said. “We’re going to bring them back to the Stone Ages, where they belong.”