Brent crude jumps 7%, climbs over $90 on escalating Middle East strikes

Brent crude surged 7.33% to $90.25 per barrel while WTI gained 6.81% to $84.65 after renewed U.S. and Saudi strikes on Iran-backed groups in Iraq and Iran threatening to control shipping through the Strait of Hormuz. OPEC+ is likely to pause planned oil output increases for three months from October to support prices. U.S. crude inventories fell 7.2 million barrels to 404.5 million, the lowest since 2018, well above analyst expectations of a 1.3-million-barrel draw.