WTI crude futures jumped more than 3% toward $98 per barrel on Thursday, regaining part of the previous session’s losses amid renewed Zionist strikes on Lebanon, which raised concerns over the stability of a fragile Middle East ceasefire. The Strait of Hormuz remains largely obstructed, adding pressure to global oil markets.
Iranian media reported that oil tanker traffic through the strait had been suspended following the attacks, amid disputes between Tehran and the US-Zionist side over whether the truce applies to Lebanon. A senior Iranian official also stated that three provisions of the ceasefire agreement have already been violated.
Meanwhile, US Vice President JD Vance indicated that there are signs the strait may begin reopening as he leads a US delegation to Islamabad for direct talks with Iran this weekend. The near shutdown of Hormuz, which handles roughly 20% of global crude and gas flows, has caused the most severe disruption in oil markets in recent years.
