U.S. launches more strikes and oil rose nearly 5%

Renewed fighting between the U.S. and Iran resulted in oil prices climbing more than $4 a barrel. Traders have more fears of continued supply disruptions from the Middle East.

Brent crude rose $4.16 or 4.6% and closed Tuesday at $94.65 a barrel

U.S. West Texas Intermediate (WTI) crude rose $4.46, or 5.2%, to settle at $90.22 on the New York Mercantile Exchange.

It was Brent’s highest since July 24 and the highest for WTI since July 23.

Here’s the latest in the fighting: the U.S. launched new air strikes Tuesday on Iranian targets.

“Today at 12 p.m. ET (1600 GMT), U.S. forces began striking Islamic Revolutionary Guard Corps targets in Iran,” U.S. Central Command posted on X. “The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region.”

Oil prices rose after steadily rising following the first exchange of direct attacks. Two tankers were hit leaving the Strait of Hormuz as Tehran remained defiant warning it would prevent oil being exported from the Gulf, despite President Trump’s threat to hit Iran “hard” in response to the renewed Iranian strikes.

Natural gas prices finished up for the day, closing at $2.950 MMBtu with a gain of $0.015 or 0.51%.