Oil Climbs as US Resumes Military Strikes on Iran

Oil prices rose for a second day on Thursday as renewed attacks between the United States and Iran disrupted oil flows through key shipping routes.

Brent futures LCOc1 rose $1.06, or 1.17%, to $91.80 a barrel as of 0812 GMT after touching a low of $89.02 in the session.

U.S. West Texas Intermediate (WTI) crude CLc1 gained 39 cents, or 0.46%, to $84.85 a barrel after hitting a session low of $83.21.

Geopolitical tensions continued to simmer after the U.S. military said it had hit dozens of Islamic Revolutionary Guard Corps targets in Iran, including military command centres and drone facilities, in a two-hour operation launched after Tehran fired ballistic missiles at U.S. forces in the Middle East.

The operation began at 0000 GMT and ended at 0200 GMT on Thursday, U.S. Central Command (CENTCOM) said.

"Until safe passage through the Strait of Hormuz is no longer a gamble, the risk premium in oil is not going anywhere — hope for diplomacy is welcome, but the market is pricing the reality of ongoing strikes," said Tim Waterer, chief market analyst at KCM Trade.

The Strait of Hormuz, which normally handles around a fifth of global oil and gas flows, has remained