Oil resumes rally as U.S.-Iran fire exchange rattles fragile Hormuz ceasefire

In an aerial view, a Valero refinery is seen on May 5, 2026 in Corpus Christi, Texas. Brandon Bell | Getty Images Oil resumed its rally Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, fanning fears that the fragile ceasefire between the two countries was unraveling and threatening continued disruption to shipping via one of the world's most critical oil route. International benchmark Brent crude futures for July delivery rose 2.26% to $102.32 per barrel. U.S. …