Oil prices jump after Iran announces targeting American air base

Oil prices jumped more than 3% on Thursday after the Iranian Revolutionary Guard announced it had targeted a US air base, in response to an American attack near Bandar Abbas airport.

By 03:44 GMT, Brent crude futures rose $3.51 or 3.72% to $97.8 per barrel, while the more active August contract rose $3.35 or 3.63% to $95.6, while US West Texas Intermediate crude futures gained $3.31 or 3.73% to $91.99.

Both crude benchmarks had fallen more than 5% to their lowest levels in a month during the previous session, due to the possibility of the United States and Iran reaching an agreement to end the war between them and reopen the Strait of Hormuz.