Attorneys General Sue Trump Administration Over -2-

0735 GMT - Oil prices climb 2% as hostilities in the Middle East escalated after the U.S. and Iran exchanged heavy fire. Meanwhile, diplomatic efforts to reopen the Strait of Hormuz and end the war have shown little progress after days of mixed messages from both sides. "Market pessimism once again grows over the prospects of a U.S.-Iran deal that could pave the way for a reopening of the Strait of Hormuz," analysts at Saxo Bank say. Still, "for now, the risk premium continues to be partly offset by President Trump's repeated insistence that an interim agreement remains within reach." In early European trading, Brent crude rises 2% to $97.89 a barrel, while WTI futures are up 2.1% to $95.78 a barrel. The benchmarks are up 6% and 8% on the week, respectively. (giulia.petroni@wsj.com)

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