Stocks gain on softer inflation, bank results while oil rises on US-Iran hostilities

NEW YORK/LONDON July 14 : Shares were up modestly on Tuesday after softer than expected U.S. inflation data and strong second-quarter earnings from major banks, while oil prices rose for a second day as the U.S. and Iran battled for control of the Strait of Hormuz.The U.S. Consumer Price Index increased by a less than expected 3.5 per cent in the 12 months through June after surging 4.2 per cent in May. On a monthly basis it fell 0.4 per cent after advancing in May and compared with analyst expectations for a 0.1 per cent month over month dip. The easing mostly reflects last month's retreat in gasoline prices from multi-year highs as a fragile U.S.-Iran ceasefire took hold last month.But on Tuesday, oil rose again after Iran fired ballistic missiles at a U.S. air base in Jordan and the U.S