Oil Prices Have Jumped 12% Since Friday as War Risks Return

Oil prices extended Monday’s surge into Asian trade on Tuesday, with Brent Crude prices hitting a one-month high, as the renewed war risk premium crashed the calmer trade of the past weeks amid renewed U.S.-Iran hostilities and the reinstated U.S. blockade of Iranian oil exports. Oil prices are now 12% higher than they were on Friday. In Asian trade on Tuesday, both the Brent and WTI benchmarks were advancing by about 2% to their highest levels in weeks, as the market realized the recovery of traffic through the Strait of Hormuz wasn’t…