The Globe and Mail reports in its Monday edition that Iran war hostilities are raising concerns about global oil supplies and pushing crude prices back up to preceasefire levels. The Globe's Sophia Bertuzzi writes that the renewed conflict has undermined the peace agreement and resulted in Iran closing the Strait of Hormuz again. Brent has surged more than 10 per cent over the past week as the hostilities have led to a reversal in the recovery of the volume of oil flowing from the Gulf region. West Texas Intermediate settled at $82 a barrel on Friday, having dipped below $70 earlier this month, while Brent closed at $88 a barrel (all figures U.S.). Goldman Sachs estimates that Gulf oil exports recovered to more than 80 per cent of prewar levels in the first two weeks after the memorandum of understanding was signed but those flows have halted since the recent fighting resumed. Vessel crossings in the strait hit a three-week low late last week as attacks on ships intensified and the U.S. reimposed its naval blockade. Crossings fell to eight on Thursday. The Globe says markets are underestimating the tightness in global supply, a concern shared by other experts regarding dwindling government crude oil stocks.