Oil prices leap 3%, hit 5-month high

Oil prices rose on Thursday as the Israeli-Iranian conflict entered its seventh day, amid uncertainty over potential US involvement.
 

Brent crude futures for August delivery leapt 2.8%, or $2.15, to settle at $78.85 a barrel — the highest level since January 22.
 

Trading was thin throughout the day on the US market holiday, but ongoing tensions in the Middle East continued to support crude prices.
 

"Iran has all that it needs to achieve a nuclear weapon. All they need is a decision from the supreme leader to do that, and it would take a couple of weeks to complete the production of that weapon," White House Press Secretary Karoline Leavitt told reporters.
 

The White House said President Trump will make a decision on potential strikes on Iran "within two weeks."