Oil prices jump on renewed US-Iran hostilities
Market reaction to US-Iran tensions
Early trading surge in oil prices
BEIJING, May 8 (Reuters) - U.S. crude futures rose as much as 3% in early trading on Friday after renewed hostilities broke out between the U.S. and Iran.
West Texas Intermediate oil prices were trading up 2.58% or $2.45, at $97.26 a barrel, as of 2233 GMT, after initially gaining more than 3%.
Background on US-Iran conflict
US military actions
The U.S. military said it carried out retaliatory strikes on Iran on Thursday, targeting sites responsible for attacking U.S. forces.
Iran's response
Iran's military accused the U.S. of violating the ceasefire between the two countries, saying the U.S. had targeted two ships in the Strait of Hormuz and attacked civilian areas.
Previous session performance
Recent WTI contract settlement
The WTI contract had settled down 27 cents at $94.81 per barrel in the previous trading session.
Reporting credits
(Reporting by Colleen Howe; Editing by Chris Reese)
