Oil prices jump 4% as fresh US-Iran fighting stokes supply fears
Oil prices jumped about 4% to a one-week high on Tuesday as a resumption in fighting between the US and Iran renewed fears of supply disruptions from the Middle East.
Russia was the world’s third-biggest crude oil producer behind the US and Saudi Arabia in 2025, according to US energy data, and is a member of the OPEC+ group of countries, which includes OPEC and allies.
US OIL INVENTORIES The oil market was watching for weekly storage reports from the American Petroleum Institute trade group later on Tuesday and the US Energy Information Administration on Wednesday.
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