Oil rises after US-Iran hostilities flare again with strikes on energy targets

“The chances of oil ​moving back ⁠toward $100 in the reasonably near term are still meaningful if hostilities intensify which damages energy infrastructure around the Gulf,” Tim Waterer, chief market analyst at KCM Trade said, noting Brent prices ⁠could remain ​at $75-$80 a barrel if diplomatic efforts helped reopen the ​strait.

Oil prices closed up 2% to a one-month high on Tuesday as attacks ​deepened a supply disruption in the Strait of Hormuz, where some one-fifth ⁠of the world’s oil and liquefied natural gas transited prior to the beginning of the ​war.

For the second straight session, Brent closed at its highest since June 12 ‌and West Texas Intermediate at its highest since June 15 and rose further on early Wednesday trade.