Oil prices jump 1% as US-Iran strikes deepen fears of supply disruption

The price nears $96 a barrel as US-Iran strikes stoke fears of supply disruptionOil prices extended their sharp rally on Wednesday, rising nearly 1 per cent in early trade as the latest US-Iran military escalation heightened fears that disruptions to crude supplies could worsen.Brent crude futures rose 87 cents, or 0.92 per cent, to $95.52 a barrel by 0008 GMT, while US West Texas Intermediate crude gained 80 cents, or 0.89 per cent, to $91.02. The move came after both benchmarks surged more than $4 on Tuesday. Brent recorded its biggest daily gain since July 24, while WTI posted its strongest rise since July 23.A key concern for oil markets is the Strait of Hormuz, through which around one-fifth of the world's oil consumption passed before the conflict. Iran has effectively shut the water