Oil Prices Rise on Renewed Fighting Between the US and Iran

Oil rose for a third day early Thursday as renewed fighting between the U.S. and Iran threatens to keep the Strait of Hormuz closed, again shutting in tankers bringing Persian Gulf supply to the market. West Texas Intermediate crude oil for August delivery was last seen up $0.41, or 0.6%, to $73.93 per barrel, while September Brent oil was up $0.55, or 0.7%, to $78.57. The rise comes as the US war on Iran again heated up, with the U.S. President Trump on Wednesday declaring a ceasefire agreement reached last month was over. The U.S. hit 90 targets in Iran, according to the Wall Street Journal, while Iran retaliating by striking at US military bases in Kuwait and elsewhere. The US also reapplied sanctions on Iranian oil exports lifted last month. The revived hostilities are threatening to again close the Strait of Hormuz, the choke point for 20% of daily oil demand supplied by Persian Gulf nations prior to the Feb. 28 start to the war. Still, ships are continuing to move through the Strait, with hormuzstraitmonitor.com reporting 34 ships moved through the waterway over the past day. "Brent trades near USD 79 after jumping on renewed US strikes on Iran, raising fresh concerns.