WTI crude oil futures climbed more than 4% to around $97 per barrel on Thursday, marking a fourth straight session of gains as tensions in the Middle East intensified. The Strait of Hormuz remained closed, and there was still no clear timeline for the resumption of negotiations.
Reports from Tehran indicated that air defense systems were activated in parts of the city amid signs of hostile aerial activity. Earlier, US President Trump had ordered the US Navy to target any vessels attempting to lay mines in the Strait of Hormuz and vowed to step up efforts to secure the strategic waterway.
Ceasefire talks were extended indefinitely as Washington awaited a new formal proposal, while the blockade remained in place. Iran, for its part, signaled no immediate willingness to return to the table as long as US naval restrictions on its ports continued.
The standoff has already resulted in the interception of Iranian tankers by US forces, while Tehran has further tightened its grip on the Strait. The resulting disruption to traffic through this key chokepoint has reduced shipments from major Gulf producers, exacerbating the tightening of global oil supplies.
