Oil prices jump on fresh fears of escalation in Iran war | CNN Business

Oil prices climbed and stocks slipped Thursday, after inflammatory remarks by US President Donald Trump and Iranian officials sparked fears that the conflict could still escalate significantly. Brent crude, the global oil benchmark, rose 6.6% to $107.8 a barrel. WTI, the US benchmark, had surged to $113 a barrel before paring gains to trade around 11% higher on the day at $111 a barrel. For context, oil is traded as a futures contract, which means an agreement to buy or sell at a specified price on a future date. Thursday’s WTI price reflects oil for delivery in May, whereas Brent reflects oil for delivery in June. “There is currently a premium on barrels that can be delivered sooner – this is in fact exacerbated with Trump signaling escalation last night,” Joel Hancock, a senior commodities analyst at Natixis Corporate and Investment Banking, told CNN. Futures prices are now more reflective of tighter oil supply, he noted. Speaking from the White House Wednesday, Trump at once said that the war against Iran was “nearing completion” and that the United States would “hit Iran extremely hard over the next two to three weeks.” In response, Tehran threatened to retaliat