Pakistan, Sept. 2 -- Oil prices jumped more than $4 a barrel on Tuesday after renewed fighting between the United States and Iran. Brent crude futures rose $4.16, or 4.6%, to settle at $94.65 a barrel. US West Texas Intermediate crude gained $4.46, or 5.2%, to settle at $90.22. Both benchmarks reached their highest closing levels in five weeks. Brent recorded its strongest close since July 24, while WTI reached its highest level since July 23.

Read More: Oil prices rise as Mideast fighting threatens supplies

The latest price increase followed fresh US air strikes on Iranian targets. US Central Command said the strikes targeted Islamic Revolutionary Guard Corps positions in Iran. It said the action followed alleged attempts by the IRGC t...