Crude Oil Rebound Toward $98

2026-04-09 17:00 By Juan Quintana 1 min. read

WTI crude futures climbed nearly 5% to trade around $99 per barrel on Thursday, partially recovering from a 16.4% plunge in the previous session as renewed tensions in the Middle East raised doubts about whether a fragile ceasefire would hold.

Prices moved higher after reports of increased military activity near the Strait of Hormuz heightened fears over potential disruptions to crude shipments, with sources indicating that some tanker traffic has faced delays.

The previous selloff was driven by optimism surrounding a possible truce, which temporarily eased supply concerns before sentiment quickly shifted.

Ongoing uncertainty surrounding the ceasefire has kept markets volatile, as traders assess the stability of oil flows through the region.

Meanwhile, OPEC+ maintained its cautious production strategy, while a recent draw in US crude inventories supported expectations of steady demand.

Prices are now approaching levels last seen in 2022.



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Crude Oil Rebound Toward $98
WTI crude futures climbed nearly 5% to trade around $99 per barrel on Thursday, partially recovering from a 16.4% plunge in the previous session as renewed tensions in the Middle East raised doubts about whether a fragile ceasefire would hold. Prices moved higher after reports of increased military activity near the Strait of Hormuz heightened fears over potential disruptions to crude shipments, with sources indicating that some tanker traffic has faced delays. The previous selloff was driven by optimism surrounding a possible truce, which temporarily eased supply concerns before sentiment quickly shifted. Ongoing uncertainty surrounding the ceasefire has kept markets volatile, as traders assess the stability of oil flows through the region. Meanwhile, OPEC+ maintained its cautious production strategy, while a recent draw in US crude inventories supported expectations of steady demand. Prices are now approaching levels last seen in 2022.
2026-04-09
Oil Surges Past $100 on Ceasefire Doubts
WTI crude futures extended gains on Thursday, rising more than 8% to trade above $100, partially reversing a nearly 16% plunge in the previous session, its steepest single-day drop since 2020. Investor concerns over the fragility of the ceasefire intensified, as both the US and Iran accused each other of violating the agreement. Ongoing Israeli operations against Hezbollah in Lebanon also threatened to undermine the deal, with Iranian officials insisting that Lebanon is covered under the ceasefire terms. Meanwhile, the Strait of Hormuz remained effectively closed, with Tehran reportedly requiring military approval for vessel passage. In the first 24 hours of the ceasefire, only one oil products tanker transited the strait, according to Reuters. The near shutdown of Hormuz, which handles around 20% of global oil and gas flows, has triggered one of the most severe disruptions in energy markets in recent years.
2026-04-09
Oil Climbs on Ceasefire Uncertainty
WTI crude futures jumped more than 3% toward $98 per barrel on Thursday, recovering part of the prior session’s losses as renewed Israeli strikes on Lebanon raised doubts about the durability of a fragile Middle East ceasefire, while the Strait of Hormuz remains largely obstructed. Iranian media reported that oil tanker traffic through the strait had been suspended following the attacks, amid disputes between Tehran and the American-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 breached. Meanwhile, US Vice President JD Vance said there are indications 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 about 20% of global crude and gas flows, has triggered the most severe disruption in oil markets.
2026-04-08