Oil rises as U.S.-Iran tensions keep traders focused on Strait of Hormuz risks

Oil/Chemical Tanker "Bald Man" at the Port of Fujairah, as the U.S.-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah, United Arab Emirates, May 6, 2026. Amr Alfiky | Reuters Oil prices rose Thursday in volatile trading as investors continue to assess the latest developments in the Middle East amid concerns over renewed tensions between Iran and the U.S. International benchmark Brent crude futures for July gained 0.91% to $102.19 a barrel. U.S. West Texas Intermediate futures for June rose 1.23% to $96.25 per barrel. Scott Chronert, Citi U.S. equity strategist, said that the duration of the conflict will affect the wider economy. "The duration of the conflict and the implication that has for higher oil prices for longer is a big deal as it pertains to future growth expectations for many parts of the market, as well as how it influences the Fed thinking in terms of the interest rate dynamic," Chronert said on CNBC's Squawk Box . Despite reports that Washington and Tehran are nearing an agreement to end the war , President Donald Trump said Wednesday Iran will be bombed "at a much higher level" if it doesn't agree to a peace deal , raising market concerns that Iran-U.S. negotiations to end the war remain fragile. Stock Chart Icon Stock chart icon Oil futures The U.S. …