Oil climbs as US-Iran clashes threaten Red Sea shipping routes

Oil prices jumped more than 4% to their highest in over a month as renewed US-Iran hostilities and the threat of Red Sea shipping disruption heightened supply fears; Brent settled at $88.10 a barrel and WTI at $82.49, with weekly gains around 16%. The move came as attacks escalated in the Gulf region, including strikes on Iranian targets and Iranian actions against regional assets, and as Iran pressed for potential Red Sea disruption if US actions continue, underscoring risk to oil flows through key chokepoints and rerouting via places like Yanbu.