Oil prices climbed Thursday, reversing earlier losses as fears over a Middle East ceasefire waned. Brent futures rose to $103.35 a barrel, while U.S. West Texas Intermediate gained to $91.40.
Iran’s foreign minister confirmed no intention to negotiate an end to the conflict, despite reviewing a U.S. proposal. White House press secretary Karoline Leavitt warned of harsher consequences if Tehran does not accept military defeat.
The U.S. 15-point plan demands Iran eliminate enriched uranium stocks, halt enrichment, limit ballistic missiles, and cut funding for regional allies-details shared by Israeli cabinet sources.
The Strait of Hormuz, carrying roughly 20% of global oil and gas, is nearly shut down. The International Energy Agency labeled it the largest oil supply disruption in history.
Japan’s Prime Minister Sanae Takaichi urged IEA chief Fatih Birol for additional coordinated oil releases amid escalating risks. Iraqi production has plummeted, with storage tanks nearing critical levels.
Meanwhile, Russia faces major export setbacks, with at least 40% of its capacity halted due to Ukrainian drone strikes and pipeline incidents. U.S. crude inventories surged to 456.2 million barrels-the highest since June 2024-far exceeding forecasts.