Crude oil prices jump 2% on escalating US-Iran war; Brent crude above $75 per barrel

Crude oil prices climbed around 2% on Wednesday after the United States carried out fresh strikes on Iran in retaliation for attacks on commercial vessels in the Strait of Hormuz. West Texas Intermediate crude for August delivery rose 2.1% to $71.87 per barrel, while Brent crude for September delivery gained 1.9% to $75.53 per barrel. The US Treasury also revoked a sanctions waiver that had allowed Iran to export oil, reversing a key provision of the interim peace agreement, while European natural gas futures jumped as much as 4.9% on the heightened tensions.