After an epic climb down in June, is it time to go back the other way?WTI crude is now up 14% in July and looks poised once again to move back above $80 as US-Iran tensions flare up again. Just as it would seem there is a little bit of hope, US president Trump yesterday said that they would reinstate the naval blockade and "take over" the Strait of Hormuz - whatever that means.As such, Iran has now closed down the strait again and we've returned back to where we were during the height of the tensions from March to May mostly. That as Iran is also making a statement in attacking ships that continue to seek passage through the Strait of Hormuz.In essence, the war looks to be endless now.As such, oil prices are on the rise again and have surged considerably this week. WTI crude is now back up to briefly clip the $80 mark earlier today and is hanging thereabouts again.Back in March, there was a certain inevitability that if we broke $80 then prices would have the potential to just burst higher thereafter. And we saw that culminate in a push to near $120 before Trump and the IEA needed to intervene.This time around, I would argue that the feeling is different. There is no sense that the dam will break in breaching the $80 mark now at least. However, the slow build up in itself is a crucial one still.At this stage, I reckon we're starting to figure out a new norm in which oil prices should range as the war rages on. And given the circumstances, that could be anywhere between $80 to $100 or even higher.Once again, we're going back to the question of how long will it take for things to get back to normal in the Strait of Hormuz? What was supposed to be weeks, then a couple of months, then by year-end, now looks to be pushed to at least next year at the earliest.And if anything, the latest reset in US-Iran relations point to the fact that even if there is going to be another deal in the future, it doesn't mean that it will be one that holds. And therein lies the risk for markets in trying to price in any major optimistic turn in this conflict. This article was written by fl9bde53b91e184082bbe3aa3acaaf2cb0 at investinglive.com.