Crude Oil WTI is up by 4.02%

Crude Oil WTI increased 4.02% to 96.694 USD/Bbl

WTI crude futures climbed to around $95 per barrel on Thursday, rising for the fourth straight session as diplomatic efforts between the US and Iran showed little progress and the Strait of Hormuz remained effectively closed. Tehran continues to assert control over the waterway, restricting nearly all international traffic and reportedly firing on commercial vessels this week. At the same time, the US has sustained its blockade of Iranian ports to intensify pressure on the Islamic Republic, a move Tehran has denounced as a breach of the ceasefire. Meanwhile, President Donald Trump stated that the current truce would remain in place indefinitely as Washington awaits a revised peace proposal from Iran, although Tehran has indicated it does not intend to engage in talks in the near term. On the supply side, EIA data revealed declines in US inventories across key refined products, pointing to solid demand from both domestic consumption and export markets.

WTI crude oil futures rose to around $92 per barrel on Wednesday after renewed attacks on shipping near Iran. Maritime authorities said a Liberia-flagged container vessel was fired on by a gunboat linked to Iran’s Islamic Revolutionary Guard Corps. In a separate incident, another two outbound cargo ships were also targeted. The attacks mark the latest escalation in the region as tensions over the waterway remain high. Earlier, Iran indicated it had received signals that the US may be open to ending its blockade, potentially reopening talks, while President Donald Trump extended a ceasefire but warned restrictions would remain until negotiations conclude. Iran has said it will not reopen the strait while US naval interceptions continue. The ongoing disruption is contributing to severe supply concerns, with estimates of demand destruction nearing 4 to 5 million barrels per day, or about 5 percent of global supply, with Asia most affected.