New York: Oil Prices rose in volatile trading on Wednesday as investors reacted to fresh US military strikes on Iran and renewed concerns over shipping through the Strait of Hormuz.

US West Texas Intermediate (WTI) crude futures for August delivery gained 0.45% to $79.70 a barrel, while Brent crude futures for September delivery rose 0.68% to $85.31 a barrel.

The gains followed another round of US military operations against Iran. US Central Command (CENTCOM) said it targeted dozens of Iranian military sites near the Strait of Hormuz and along the country’s coastline during a seven-hour operation.

According to CENTCOM, US forces used fighter aircraft, drones and naval vessels to strike missile and drone facilities, naval assets and coastal defence systems. The military said the operation aimed to reduce Iran’s ability to threaten commercial shipping.

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The latest strikes came after US forces reinstated a naval blockade on vessels travelling to and from Iranian ports.

CENTCOM Commander General Brad Cooper later said Iran had deliberately targeted civilians and attacked seven commercial ships over the past week, leaving about a dozen crew members dead, missing or injured.

The renewed military escalation has increased concerns about global energy supplies and maritime security in one of the world’s most important oil transit routes.

Saul Kavonic, Senior Energy Analyst at MST Marquee, said markets had reacted to the renewed conflict after earlier expectations that shipping through the Strait of Hormuz would quickly return to normal.

He said continued hostilities and the restored naval blockade could keep oil prices under upward pressure. Kavonic added that crude prices could test the $100-a-barrel level if the conflict continues for several weeks or if attacks spread to regional energy infrastructure.