Oil prices rebound, jump 8% as Trump warns Iran after attacks on US forces; Brent nears $90

Crude oil prices rebounded sharply on 29 July after US President Trump warned Iran of a beating following attacks on US forces in the Middle East. Brent crude climbed 7.5 percent or 6.15 dollars to 88.13 dollars a barrel, while WTI rose nearly 6.3 percent or 8 dollars to 85.53 dollars a barrel. The escalation reignited fears of supply disruptions through the Strait of Hormuz, through which about 20 percent of global seaborne oil trade passes.