Oil prices jump above $110 after reported US strike on Iranian naval base

Oil prices rose sharply on Monday after Al Jazeera reported a suspected US attack on an Iranian naval base, reversing earlier declines as investors worried about further Middle East energy supply disruptions. Brent crude futures climbed above $110 per barrel after trading more than 1% lower earlier in the session. The report cited Iran's navy saying US forces struck the Konarak naval base on Iran's southeast coast, wounding two soldiers. West Texas Intermediate oil also rose nearly 1.5% to approach $103 per barrel. US Treasury yields increased following the news, adding to market volatility. Gulf crude flows had already fallen to about 8.5 million barrels per day last week from over 20 million previously, with 10 attacks recorded. The US had recently eased Russian oil restrictions, initially lowering prices, but the reported attack refocused attention on regional escalation risks.