Oil hits multi-week high as US-Iran truce falters

Brent futures rose US$3.86, or 5.2%, to settle at US$78.02 a barrel. US West Texas Intermediate (WTI) crude rose US$3.08, or 4.4%, to US$73.52.

NEW YORK: Crude oil prices settled nearly 5% higher on Wednesday after US President Donald Trump threatened fresh strikes against Iran, raising concerns that renewed hostilities in the Middle East could put a stop to vessel movements through the Strait of Hormuz.

Brent futures rose US$3.86, or 5.2%, to settle at US$78.02 a barrel, the highest since June 19. US West Texas Intermediate (WTI) crude rose US$3.08, or 4.4%, to US$73.52, the highest since June 22.