Oil prices jumped sharply on April 2 after U.S. President Donald Trump signaled an escalation of military action against Iran, dampening hopes for a near-term diplomatic resolution and raising concerns about prolonged disruptions to global energy supplies.
Benchmark Brent crude rose by $8.34, or 8.2 percent, to $109.50 per barrel by 7:39 a.m. ET, while U.S. West Texas Intermediate rose by $9.23, or 9.2 percent, to $109.35. Both contracts touched their highest levels since early March and were on track for their largest daily gains in three weeks, although still below peaks higher than $119 reached earlier in the conflict.
