PHOTO: YEN MENG JIIN, BT[TOKYO] Oil ticked lower at the end of a volatile week, but remained on track for the biggest monthly gain since March as the US-Iran war escalated. While the US and Iran again exchanged strikes on Thursday (Jul 30), shipping through the Strait of Hormuz appears to have picked up in recent days. Beyond the Middle East, traders are also concerned about supply snarls in the Black Sea. “Our prediction is that while the war is going on WTI will be in the US$80 to US$100 range,” said Jay Hatfield, chief executive officer of Infrastructure Capital Management. On Thursday, rival Shell reported its second-highest quarterly profit on record, as the conflict in the Middle East fuelled a boom in trading as well as refining.