Oil jumps 2% on US-Iran escalation

Oil prices rose more than 2% on Monday, according to The Express Tribune, as renewed military action between the US and Iran revived concerns about disruption to global supply. The conflict has now run into its sixth month. Brent crude futures climbed $2.17, or 2.46%, to $90.27 a barrel by 1612 GMT, while US WTI added $2.06 to $85.46.

Brent touched $91.52 during the session, its highest level since August 25. Trump was quoted as pledging a forceful response after Iran responded overnight by firing missiles at a pair of American air installations in Jordan, following a US attack on Larak Island.

Separately, Trump said on social media that Iran's Kharg Island energy hub was being destroyed, though the publication noted that there was no evidence of an attack on the island. Tehran denied any attack and said operations there were continuing. Inventories in America's Strategic Petroleum Reserve dropped roughly 3.1 million barrels last week, to 286.6 million barrels.