The High-Seas Black Market That Keeps Iran's -2-

0720 GMT - Oil prices gain more than 2.5% following fresh U.S. strikes on Iran after Tehran launched drones at commercial ships in the Strait of Hormuz, testing an already fragile cease-fire. In early European trading, Brent crude for July delivery is up 2.6% to $96.74 a barrel, while WTI futures rise 2.6% to $90.95 a barrel. "Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," analysts at ANZ say. "Oil supply remains constrained, and key sticking points have yet to be resolved." Meanwhile, traders await official stockpiling data from the U.S. Energy Information Administration due later on Thursday as supply disruptions trigger large inventory drawdowns. (giulia.petroni@wsj.com)

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