Oil prices edged higher in volatile trading on Wednesday after the United States launched another round of strikes on Iran and reinstated its naval blockade of Iranian ports near the Strait of Hormuz.

U.S. West Texas Intermediate crude for August delivery gained 0.64 per cent to $79.85 per barrel, while September Brent crude futures, the international benchmark, rose 0.95 per cent to $85.53 per barrel.

The U.S. Central Command said it carried out a fresh wave of strikes late Tuesday, targeting dozens of military assets near the Strait of Hormuz and along Iran’s coastline during a seven-hour operation.

The attacks, involving fighter jets, drones and naval vessels, targeted missile and drone facilities, naval assets, and coastal defence systems in an effort to further weaken Iran’s ability to threaten commercial shipping, the U.S. Central Command said.

The operation began after U.S. forces resumed a naval blockade of vessels travelling to and from Iranian ports earlier in the day.

In a subsequent post on social media, Centcom Commander Brad Cooper accused Iran of deliberately targeting civilians and attacking seven commercial vessels over the past week, resulting in about a dozen crew members being killed, injured or reported missing.

A temporary ceasefire agreement reached between Washington and Tehran in mid-June explicitly barred Iran from levying fees on ships using the strategic waterway.

However, the truce has been severely undermined by repeated military exchanges in the region, prompting Trump last week to declare that the ceasefire was “over.”