Oil prices jump nearly 3% after renewed hostilities between US, Iran
Iran's military accused the US of violating the ceasefire between the two countries, saying the US had targeted two ships in the Strait of Hormuz and attacked civilian areas
 "crude oil, oil")
West Texas Intermediate oil prices were trading up 2.58% or $2.45, at $97.26 a barrel, as of 2233 GMT, after initially gaining more than 3% | Image: Bloomberg
Listen to This Article
US crude futures rose as much as 3 per cent in early trading on Friday after renewed hostilities broke out between the US and Iran.
West Texas Intermediate oil prices were trading up 2.58 per cent or $2.45, at $97.26 a barrel, as of 2233 GMT, after initially gaining more than 3 per cent.
The US military said it carried out retaliatory strikes on Iran on Thursday, targeting sites responsible for attacking US forces.
Iran's military accused the US of violating the ceasefire between the two countries, saying the US had targeted two ships in the Strait of Hormuz and attacked civilian areas.
The WTI contract had settled down 27 cents at $94.81 per barrel in the previous trading session.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
More From This Section
 "oil price")
 "gold, gold prices, gold silver prices")
 "gold, gold prices, gold silver prices")
 "Crude Oil, oil imports, Oil tankers")
 "crude oil, oil")
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: May 08 2026 | 6:30 AM IST