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

PERTH, July 15 : Oil rose on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran launched retaliatory strikes on U.S. infrastructure in the region.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. Brent rose $1.46, or 1.72 per cent, to $86.19 a barrel by 0029 GMT while WTI was up $1.11, or 1.4 per cent, to $80.40 a barrel. Oil prices closed up 2 per cent 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. Early on Wednesday, the U.S. also began a fresh round of strikes "to c