Saturday, May 9, 2026

Oil prices jump amid renewed US-Iran fighting in Hormuz Strait, then settle

Brent ⁠crude oil futures jumped as much as 3 percent on Friday, as the US and Iran clashed in the Strait of Hormuz, but the gains were pared back amid optimism of an imminent agreement between Washington and Tehran to end the war.

Brent crude futures settled at $101.29 per barrel, up $1.23 or 1.23 percent, after rising as much as 3 percent during the trading session on Friday.

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