Oil prices jump 7% after Trump says US will hit Iran 'hard'

Oil prices rose nearly 7% on Wednesday after US President Donald Trump said the country would hit Iran "hard" in retaliation for attempted surprise attack on US forces. Brent futures rose 6.9% to $89.93 a barrel while US West Texas Intermediate (WTI) crude gained 6.7% to $84.60 a barrel. Last week, crude oil price hit a two-month high, crossing $100/barrel.