WTI crude oil futures extended their rally on Thursday, briefly testing the $95-per-barrel level amid mounting risks that seaborne oil exports from the Persian Gulf will remain suspended for an extended period. In his first public statement, newly appointed Iranian Supreme Leader Mojtaba Khamenei declared that the Strait of Hormuz should remain closed, reinforcing Tehran’s defiant stance and strengthening expectations of prolonged supply disruptions after multiple tankers near the chokepoint were struck by the IRGC overnight.
The announcement came as exchanges of increasingly intense strikes continued between Iran, Israel, and GCC members. Tankers have been unable to load crude from the Gulf since the conflict erupted earlier this month, effectively sidelining about 20% of global oil trade and forcing GCC producers to curb output by a combined 10 million barrels per day as storage capacity was exhausted. The IEA described the disruption as the largest in the history of the oil market, prompting its members to agree to release 400 million barrels from strategic reserves.
