Oil prices jump on renewed US-Iran hostilities

Oil prices were up more than 1% on Friday after renewed fighting broke out between the US and Iran, threatening a shaky ​ceasefire and dashing hopes for progress on reopening the Strait of Hormuz, a ‌key oil and gas transit route. Brent crude futures were up $1.41, or 1.41%, at $101.47 a barrel as of 0123 GMT. West Texas Intermediate (WTI) US crude futures rose by $1.12, or 1.18%, to $95.93 a barrel. At the market ​open prices had risen by more than 3%. That snapped three days of declines ​on reports earlier this week the US and Iran were close to agreeing ⁠to a deal that would end the fighting and allow the Strait of Hormuz ​to fully reopen but put off larger issues around Iran’s nuclear programme.