Oil prices jumped as markets opened after an escalation of hostilities in the Middle East threatened to shatter a fragile truce and undermine prospects of a deal to reopen the Strait of Hormuz.
Brent crude, the international benchmark, rose more than 3 per cent to over $96 a barrel after Iran fired ballistic missiles at Israel in the first such attack since a ceasefire was implemented between the countries in April.
In Asian trade, it rose further — up 3.8 per cent at $96.64. West Texas Intermediate, the US marker, was up 4.6 per cent at $94.68.
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