Oil jumps 3% after US, Iran escalate strikes in Mideast

Brent crude climbed 3.08 percent to $78.35 per barrel and US WTI rose 3.09 percent to $73.62 after the US and Iran escalated military strikes in the Middle East over the weekend. Iran extended attacks on Qatar and the UAE while the US launched further strikes on Iran, raising doubts about a recent interim US-Iranian deal aimed at reopening the Strait of Hormuz. The IEA noted global oil supply rose by 4.1 million bpd in June after the agreement but remained 9.4 million bpd below pre-war levels.