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%.
The U.S. military said it carried out retaliatory strikes on Iran on Thursday, targeting sites responsible for attacking U.S. forces.
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.
The WTI contract had settled down 27 cents at $94.81 per barrel in the previous trading session.
(Reporting by Colleen Howe; Editing by Chris Reese)
