In an aerial view, a Valero refinery is seen on May 5, 2026 in Corpus Christi, Texas.
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Oil prices rose on Thursday after fresh U.S. strikes in Iran renewed concerns over disruptions to commercial shipping through the Strait of Hormuz.
Brent crude futures, the international benchmark, gained over 1.81% to $96 per barrel, while the West Texas Intermediate futures gained 1.86% to $90.33 per barrel.
American forces launched fresh strikes in Iran against a military site believed to threaten U.S. troops and commercial shipping through the Strait of Hormuz, a U.S. official told MS NOW. They also reportedly intercepted and downed several Iranian drones.
In a note published late Wednesday, Citi said oil markets were finding firmer footing as investors increasingly priced out worst-case supply disruption scenarios amid signs Washington and Tehran were moving closer toward an agreement.
Still, the bank cautioned that uncertainty over the timing of any deal was keeping central banks on alert, with policymakers weighing tighter monetary settings in response to energy-driven inflation risks.
The bank said the prolonged run-up in crude prices was beginning to spill into broader inflation pressures, particularly through “second round effects,” prompting some central banks to lean more hawkish.
