Oil rises for second straight day as US resumes attacks on Iran

Geopolitical tensions continued to simmer after the U.S. military said it had hit dozens of Islamic Revolutionary Guard Corps targets in Iran, including military command centres and drone facilities, in a two-hour operation launched after Tehran fired ballistic missiles at U.S. forces in the Middle East.

The operation began at 0000 GMT and ended at 0200 GMT on Thursday, U.S. Central Command (CENTCOM) said.

"Until safe passage through the Strait of Hormuz is no longer a gamble, the risk premium in oil is not going anywhere — hope for diplomacy is welcome, but the market is pricing the reality of ongoing strikes," said Tim Waterer, chief market analyst at KCM Trade.

The Strait of Hormuz, which normally handles around a fifth of global oil and gas flows, has remained a focal point for oil markets since the conflict began on February 28.