Oil prices rise as Lebanon fighting erupts and Hormuz traffic still slow

Oil prices have begun rising again as an agreement between the United States and Iran hangs in the balance. Brent crude, the international benchmark, rose 0.65 percent on Friday, after falling as much as 0.9 percent earlier in the day, as traders continued to weigh the practical effect of the US-Iran memorandum of understanding on ending their war and reopening the Strait of Hormuz. Recommended Stories list of 4 items end of list Brent futures for August delivery stood at $80.37 as of 06:30 GMT, taking the benchmark above the $80 threshold for the first time since Wednesday, after an earlier slide spurred by an uptick in commercial vessels transporting energy supplies through the strait. It comes after Israel launched a series of attacks on Lebanon, killing 16 people and threatening the ceasefire agreement between the US and Iran. Clashes between Israel and Hezbollah forces in southern Israel on Friday killed four Israeli soldiers, according to Israeli media. A planned meeting between US and Iranian officials in Switzerland has been cancelled, reportedly due to the attacks, although the Strait of Hormuz still appeared to be open to shipping. Japan and South Korea’s stock markets also had a volatile trading session. Seoul’s Kospi surged more than 2.5 percent to reach an all-time high shortly after market opening, then fell 1.8 percent before rebounding to a 0.8 percent gain. …