Oil tankers sit at anchor offshore in the Strait of Hormuz off Bandar Abbas, Iran, Saturday. (AP/PTI) Oil prices rose on Friday after tensions escalated between the US and Iran with both sides exchanging fire in the Strait of Hormuz, the maritime chokepoint which accounted for a fifth of global energy supplies. Following the development, global oil benchmark Brent Crude breached $101 a barrel, and WTI Crude crossed $95 per barrel. Trade through the Strait has remained virtually halted since the beginning of the conflict on February 28. According to US President Donald three US Navy destroyers transiting the Strait were targeted by Iranian missiles and drones. The US retaliated by sinking the small Iranian boats involved in the attack. Trump warned of further military action, vowing to “knock them out a lot harder, and a lot more violently, in the future,” if Tehran does not sign a peace deal. Persian Gulf Strait Authority Currently a dual blockade is in place in the Strait of Hormuz.…