The Globe and Mail reports in its Friday edition that the resumption of heavy bombardment in the war between the United States and Iran has oil markets betting that a full return of Persian Gulf crude supply remains a distant hope with the conflict now in its fifth month. The Globe's Sophia Bertuzzi writes that crude prices began surging on Monday as traders grappled with the latest rounds of strikes. Earlier this week, President Donald Trump announced that a shaky ceasefire first declared in mid-June was over. The U.S. launched attacks on Iran on Wednesday after Iran struck three oil tankers travelling the Strait of Hormuz. Iran responded by firing missiles and drones at U.S. targets in Bahrain, Kuwait and Qatar that have since been met with further U.S. retaliation. The renewed hostilities pushed Brent from around $72 a barrel Monday to as high as $80 Wednesday before closing Thursday at about $76 (all figures U.S.). While a primary goal of the ceasefire was to stabilize the global supply of energy, data show transits through the strait remained well below prewar levels when more than 100 ships a day would cross. Twenty-five tankers passed through the strait in both directions Wednesday, down from 49 the day before.