International oil prices jumped more than 7% intraday on the 29th (local time) as armed clashes between the United States and Iran resumed after five days.
As of 9:48 a.m. Eastern time, September delivery Brent crude futures on the ICE Futures Exchange were trading at $90.56 a barrel, up 7.7% from the previous session.
At the same time on the New York Mercantile Exchange, September delivery West Texas Intermediate (WTI) futures rose 7.5% to $85.19 a barrel.
International oil prices had fallen sharply through the previous day as the United States halted airstrikes on Iran on the 24th. However, prices rebounded strongly after Iran resumed attacks on U.S. bases in the Middle East and U.S. forces struck pro-Iranian militias in Iraq.
U.S. Central Command said the previous day that Iranian forces had fired ballistic missiles at U.S. bases in the Middle East.
The Islamic Revolutionary Guard Corps (IRGC) also said in a statement the same day that it had "struck the U.S. Air Force base and central command center stationed in Jordan with several ballistic missiles in response to the U.S. military's aggressive actions."
Afterward, U.S. forces, together with Saudi Arabia, attacked bases of pro-Iranian militias in Iraq.
Giovanni Staunovo, a UBS commodities research analyst, said, "With armed attacks resuming in the Middle East and Iran reemphasizing its control over the Strait of Hormuz, constraints on crude shipments through the strait are lifting prices again."