US oil prices jump on US-Iran hostilities

BEIJING, May 8 : U.S. crude futures rose as much as 3 per cent in early trading on Friday after renewed hostilities broke out between the U.S. and Iran.

West Texas Intermediate oil prices initially gained more than 3 per cent and were trading up 2.50 per cent or $2.37, at $97.18 a barrel, as of 2215 GMT.