Oil prices rise for 4th day as US strikes on Iran raise fears of wider conflict

TOKYO, July 16 : Oil prices rose for a fourth straight day on Thursday after a new wave of U.S. strikes on Iranian military installations fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz.The United States struck Iran's coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an "existential war" with America.Brent crude futures climbed 33 cents, or 0.4 per cent, to $85.28 a barrel by 0026 GMT, while U.S. West Texas Intermediate futures rose 42 cents, or 0.5 per cent, to $80.02 a barrel. Both benchmarks gained about 0.3 per cent on Wednesday and were hovering near their one-month highs touched on Tuesday. "With tensions in