Oil Rises After Weekend of Back-and-Forth Strikes by U.S. and Iran

The continued cycle of attacks between Iran and the United States in the Persian Gulf posed fresh risks to ships seeking to navigate the Strait of Hormuz, testing markets on Sunday.Brent crude, the international oil benchmark, opened about 3.5 percent higher on Sunday, to nearly $79 a barrel.That is up nearly 9 percent from its prewar price.Daily ship traffic through the strait, which normally carries a fifth of the world’s oil, recently dropped to the lowest level in weeks, with the latest data showing only 22 ships braving the passage on Thursday, according to Kpler, a maritime data firm.

More than 130 vessels passed through daily before the war.In the latest round of attacks over the weekend, the U.S.military said it had hit about 140 targets in Iran after Tehran attacked a container ship in the strait.

Iran’s military said it had responded by firing at U.S.targets in the region.Amena Bakr, head of Middle East research at Kpler, said any assurance that commercial vessels had gained with the ability to pass through the Strait of Hormuz over the past few weeks is gone.“That confidence eroded very, very quickly,” Ms.

Bakr said.“We’re back to square one when it comes to that situation.”...