Oil rises more than $1 as escalation in US-Iran strikes unnerve traders

U.S. launches additional strikes on Iran, escalating tensions after fragile ceasefire

U.S. crude inventories fall sharply, EIA reports 7.2 million barrel crude draw

Oil prices jumped on Thursday as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed ‌after the U.S. launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured.
Brent futures rose $1.48, or 1.59%, to $94.58 a barrel as of 0243 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.71, or 1.90%, to $91.74. U.S. crude ​futures gained more than $3 earlier in the session.

Source: Reuters