Oil prices settle up more than $4 a barrel on renewed US-Iran fighting

NEW YORK, Sept 1 : Oil prices jumped more than $4 a barrel on Tuesday, settling at a five-week high, as traders feared more supply disruptions from the Middle East due to renewed fighting between the U.S. and Iran.Brent futures rose $4.16, or 4.6 per cent, to settle at $94.65 a barrel. U.S. West Texas Intermediate (WTI) crude rose $4.46, or 5.2 per cent, to settle at $90.22.That was the highest close for Brent since July 24 and for WTI since July 23.The U.S. launched new air strikes on Iranian targets, quashing hopes that an exchange of fire last weekend might not presage a wider renewal of hostilities. Oil prices had already risen after that first exchange of direct attacks since July and after reports of two tankers being hit leaving the Strait of Hormuz, the global oil supply waterway t