- media@moneyinfocus.news
Oil prices rose sharply on Thursday as renewed military tensions in the Middle East heightened concerns over supply disruptions through the Strait of Hormuz, a critical artery for global energy trade.
WTI crude futures climbed more than 3% toward $98 a barrel, recovering part of the previous session’s losses, after reports of new Israeli strikes in Lebanon raised doubts about the durability of a fragile ceasefire in the region.
Iranian state media said tanker traffic through the Strait of Hormuz had been suspended following the attacks, amid disagreements between Tehran and U.S.-Israeli officials over whether the truce extends to Lebanon. A senior Iranian official also stated that multiple provisions of the ceasefire agreement had been breached.
The strait, which carries roughly 20% of global oil and gas flows, has become a focal point for markets, with the near halt in shipments marking one of the most severe disruptions to energy supply in recent years.
Meanwhile, U.S. Vice President JD Vance said there are indications the waterway could begin reopening, as he leads a U.S. delegation to Islamabad for talks with Iranian officials aimed at easing tensions.
The developments underscore the sensitivity of oil markets to geopolitical risks, particularly in regions central to global supply chains.
