NEW YORK: Oil prices jumped more than US$4 a barrel on Tuesday (Sep 1), settling at a five-week high, as traders feared more supply disruptions from the Middle East due to renewed fighting between the US and Iran.Brent futures rose US$4.16, or 4.6 per cent, to settle at US$94.65 a barrel. US West Texas Intermediate (WTI) crude rose US$4.46, or 5.2 per cent, to settle at US$90.22.That was the highest close for Brent since Jul 24 and for WTI since Jul 23.The US 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 that Iran has effectively closed to shipping.Tehran remained defiant, warning that it would prevent oil from being exported from the Gulf, despite a threat by US President Donald Trump to hit Iran "hard" in response to the renewed Iranian strikes, and a warning from US Treasury Secretary Scott Bessent that Washington was about to impose new sanctions."Today at 12pm ET (4pm GMT), US forces began striking Islamic Revolutionary Guard Corps targets in Iran," US Central Command posted on X. "The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region."The fresh hostilities "raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz", Saxo Bank analyst Ole Hansen said.