Crude oil prices extend gains on renewed US-Iran war tensions; Brent climbs above $78 per barrel

Crude oil prices climbed after the US launched fresh strikes on Iran, delaying hopes of reopening the Strait of Hormuz, which handles roughly one-fifth of global oil supplies. Brent crude rose about 1 percent to $78.80 a barrel while WTI gained 1.01 percent to $74.26 a barrel. Iran retaliated by targeting US military installations in Bahrain and Kuwait, and war-risk insurers have advised shipping firms to halt voyages through the strait.