Pakistan, July 9 -- Oil prices climbed more than one percent on Thursday after fresh U.S. military strikes on Iran renewed concerns over the Middle East conflict. The escalation weakened hopes for a lasting ceasefire and raised fears of disruptions in the Strait of Hormuz. Energy markets, global shipping, and oil-importing countries are expected to feel the impact.

Brent crude futures rose 86 cents, or 1.1 percent, to $78.88 per barrel. U.S. West Texas Intermediate crude gained 85 cents, or 1.2 percent, to $74.37 per barrel. Both benchmarks had already surged after the United States launched strikes on nearly 90 Iranian military targets along the country's coastline.

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