Oil prices rebound after a sharp drop, while the passage through the Strait of Hormuz remains blocked.

Oil prices rebounded after experiencing the largest single-day decline since April 2020. The Strait of Hormuz remains largely blocked, and Israeli attacks on Lebanon could potentially disrupt the fragile ceasefire. WTI crude oil futures are fluctuating around $97 per barrel, after a 14% plunge on Wednesday; Brent crude oil futures closed below $95 per barrel. Iran's semi-official Fars News Agency reported that passage of oil tankers through the Strait of Hormuz has been temporarily suspended following the Israeli attacks, but US Vice President J.D. Vance refuted this claim, stating "we see signs that the strait is reopening."