Oil rises after US launches fresh strikes against Iran

Brent crude rose about 1% to $78.8 per barrel and WTI gained about 1% to $74.26 per barrel after the US launched fresh military strikes against Iran aimed at keeping the Strait of Hormuz open to traffic. The strikes followed Iran's attack on three tankers transiting the strait, with Iran retaliating by targeting US military sites in Bahrain and Kuwait. War risk underwriters have advised shipping companies to pause voyages through the strait, raising concerns about supply disruptions for a critical oil chokepoint.