Oil surges 3% as Iranian strikes on UAE renew supply fears

Oil prices jumped about 3% on Tuesday after renewed Iranian attacks on the United Arab Emirates rekindled supply fears, with the Strait of Hormuz remaining largely shut and several U.S. allies rebuffing President Trump’s call to send warships to escort shipping through the vital waterway

Brent crude futures rose by $3.27, or 3.3%, to $103.48 a barrel, while U.S. West Texas Intermediate gained $3.14, or 3.4%, to $96.64 .

Iran launched…