WTI crude futures climbed back above $90 per barrel on Thursday, advancing for a second consecutive session as persistent worries over the Iran conflict outweighed a coordinated release of oil reserves by major economies. Tehran has reportedly informed intermediaries that, for a ceasefire to be considered, the US must guarantee that neither Washington nor Israel will launch future strikes on Iran. Such conditions are widely seen as unacceptable to the US, further reducing the likelihood of a near-term resolution.
The strategically vital Strait of Hormuz also remains effectively closed, with multiple commercial vessels reportedly hit off Iran’s coast. In response, several major Middle Eastern producers have sharply reduced output, constricting global supply and driving energy prices higher.
At the same time, the International Energy Agency has approved its largest-ever release of emergency oil reserves, with member countries set to release a total of 400 million barrels. Of that, 172 million barrels will come from the US, while Japan plans to contribute 80 million barrels.
