Oil prices jump amid signs of U.S.-Iran conflict

(Ben Geman – Axios) Oil prices jumped to their highest levels since last summer amid growing signs the U.S. is preparing a military strike against Iran. Why it matters: The market sees risks to both Iranian exports but also a conflict that could threaten other supplies from the oil-producing region. The latest: Prices climbed well over 4% on Wednesday and are rising again on Thursday morning. The global benchmark Brent crude is at over $71 per barrel this morning, while the U.S. standard, WTI, is around $66. State of play: “For oil markets, the concern is clearly what action would mean not only for Iranian oil supply, but also broader Persian Gulf oil flows, given the risk of disruption to shipments through the Strait of Hormuz,” ING analysts said in a note on Wednesday. – Oil prices jump amid signs of U.S.-Iran conflict