BRENT — Oil Surges Over 6% as US Threatens Iran, Mideast Tensions Escalate

Crude oil prices jumped after the US threatened military action against Iran, stoking fears of a wider regional conflict that could disrupt energy supplies. Brent crude futures climbed $5.34, or 6.35%, to settle at $89.43 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.89, or 6.17%, to $84.15. The rally was further supported by API data reportedly showing a 3.3 million-barrel drop in U.S. crude inventories for the week ending July 24.