Oil prices jump by more than 5% amid renewed tensions in Iran

Oil prices rose sharply on Thursday, a sign of market anxiety over the situation in the Middle East, following new explosions in Tehran and the lack of prospects for a resumption of talks between Americans and Iranians.

Oil prices rose sharply on Thursday, reflecting market anxiety over the situation in the Middle East, following new explosions in Tehran and the lack of any prospect of renewed talks between the United States and Iran.

Around 5:55 PM GMT, Brent crude, the international benchmark, was up 5.16% at $107.17 a barrel. Its US equivalent, West Texas Intermediate (WTI), gained 5.63% to $98.19 a barrel.