Oil jumps nearly 5% on Middle East conflict

Brent futures settled up US$3.66, or up 4.7%, at US$81.40 a barrel. US West Texas Intermediate crude settled up US$3.33, or 4.7%, at US$74.56.

NEW YORK: Oil prices settled up 4.7% on Tuesday, the highest since January 2025, as US-Israel battles with Iran intensified, disrupting energy shipments from the Middle East and stoking fears of a longer conflict.

Brent futures settled up US$3.66, or up 4.7%, at US$81.40 a barrel, its highest settlement since January 2025. US West Texas Intermediate crude settled up US$3.33, or 4.7%, at US$74.56, the highest settlement since June.