WTI crude futures climbed more than 2% toward $97 per barrel on Thursday, recouping part of the previous session’s losses. The move came as renewed Israeli strikes on Lebanon cast fresh doubt on the durability of a fragile Middle East ceasefire, while traffic through the Strait of Hormuz remains largely blocked.
Iranian media reported that oil tanker movements through the strait had been suspended following the attacks, amid disagreements between Tehran and the US-Israeli side over whether the truce extends to Lebanon. A senior Iranian official also stated that three provisions of the ceasefire agreement have already been violated.
At the same time, US Vice President JD Vance said there are signs the strait could begin to reopen, as he heads a US delegation to Islamabad for direct talks with Iran this weekend. The near shutdown of Hormuz, which accounts for around 20% of global crude and natural gas flows, has led to the most severe disruption in oil markets in recent years.
