Oil rises after US launches fresh strikes on Iran

Oil prices rose more than 1% on Thursday after the U.S. carried out fresh strikes on ‌Iran, denting hopes for talks to end their war and for the full reopening of the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies, Reuters reported.

Brent crude futures rose 86 cents, or 1.1%, to $78.88 a barrel by 0352 ​GMT. U.S. West Texas Intermediate crude futures were up 85 cents, or 1.2%, at $74.37 a ​barrel.

Both crude benchmarks, WTI and Brent, rose more than a dollar in post-settlement trade on ⁠Wednesday after the U.S. military began launching fresh strikes on Iran.

Before that, the benchmarks had settled at their highest in over two weeks after U.S. President Donald Trump threatened new attacks on Iran.

"Fresh US strikes on Iran pushed oil higher this morning, with the latest escalation undermining confidence in the fragile ceasefire," said ING analysts in a client note.

The U.S. military said it completed strikes on Iran aimed at keeping the critical Strait of Hormuz open to traffic, hours after President Donald Trump declared that an interim agreement to end the war was "over".

U.S. forces struck approximately 90 Iranian military targets, which included air defense systems, coastal surveillance assets, missile and drone storage sites, ‌naval ⁠capabilities, and military logistics infrastructure along Iran's coastline, U.S. Central Command said.