Oil rises above $97 after 13% drop, biggest since 2020, as Strait of Hormuz disruption persists

Oil rebounded after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon threatened to derail the fragile ceasefire in the Middle East.

Brent rose above $97 a barrel after slumping 13% on Wednesday, while West Texas Intermediate was near $98. Iran’s semi-official Fars news agency reported that passage of oil tankers through the strait was halted after Israeli strikes, although US Vice President JD Vance countered that assertion, saying “we are seeing signs that the straits are starting to reopen.”