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Oil Rises After Biggest Drop Since 2020 as Hormuz Stays Blocked

Rong Wei Neo, Yongchang Chin

1 min read

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⚡ Quantum Brief

Oil prices rebounded sharply after a 13% plunge—the steepest since April 2020—as the Strait of Hormuz remained blocked, disrupting global crude flows and escalating Middle East tensions. Brent crude climbed toward $97 per barrel, with West Texas Intermediate nearing the same level, reversing Wednesday’s losses amid fears of prolonged supply chain disruptions. Iran’s Fars news agency claimed Israeli strikes halted tanker traffic through Hormuz, though U.S. Vice President JD Vance reported early signs of the strait reopening, creating conflicting assessments. Israeli attacks on Lebanon further destabilized the region, threatening a fragile ceasefire and raising risks of broader conflict involving Iran, a key oil-exporter and Hormuz gatekeeper. The volatility underscores energy markets’ sensitivity to geopolitical flashpoints, with traders bracing for sustained disruption if Hormuz closures or regional hostilities persist.

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran: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 toward $97 a barrel after slumping 13% on Wednesday.

West Texas Intermediate was also near $97. Iran’s semi-official Fars news agency reported that passage of 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.”

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Source: Bloomberg

Website: https://feeds.bloomberg.com/markets/news.rss

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