Update: WTI Oil Falls as Renewed Iran-US Fighting Keeps Persian Gulf Supply Disrupted

(Updates prices in the second paragraph.) West Texas Intermediate (WTI) crude oil closed lower Friday as fighting between the U.S. and Iran continues, while some ships continue to move out of the Persian Gulf through the Strait of Hormuz, boosting supply. WTI crude oil for August delivery closed down $0.67, or 0.9%, to settle at $71.41, while September Brent oil was last seen down $0.42, or 0.6%, to $75.88. The drop comes as Iran and the U.S. renew hostilities, though fighting eased overnight. The apparent end to a ceasefire agreement reached last month is continuing to keep ships trapped in the Persian Gulf since the Feb. 28 start to the war. Only 15 ships moved through the Strait of Hormuz yesterday, according to hormuzstraitmonitor.com, leaving 280 vessels still waiting to move through the waterway. However enough ships left the region since the mid-June ceasefire agreement to ease supply worries. In its monthly Oil Market Report, the International Energy Agency said June oil inventories rose for the first time since the start of the war as shipping through the Strait surged following the ceasefire. "As an armada of tankers set sail for refining hubs further afield,.