Brent oil futures rose 0.8% to $102.77 a barrel in Asian trade on Thursday, while West Texas Intermediate crude futures increased nearly 1% to $93.86 a barrel. The advances followed a volatile week in oil markets that ultimately saw prices settle higher on Wednesday.<\/p>\n
Earlier in the week, oil prices had swung sharply after Iran attacked and seized two ships in the Strait of Hormuz, leaving the key waterway largely shut. The Strait of Hormuz is described as a focal point of the Iran conflict, with its closure blocking roughly 20% of global oil supplies. Economies in Asia and the Middle East are expected to be the most affected by these disruptions.<\/p>\n
U.S. President Donald Trump announced an indefinite extension of a ceasefire with Iran, which helped stabilize prices on Wednesday. However, this move coincided with both Washington and Tehran dropping out of potential peace talks in Pakistan, leaving the status of future negotiations unclear.<\/p>\n
Shipping activity in the Strait of Hormuz remained limited following the vessel attacks and ongoing tensions. The United States maintained a naval blockade against Iran, a stance that has drawn criticism from Tehran. Iran has ruled out the possibility of any ceasefire talks as long as the U.S. continues its naval blockade, while Trump has demanded that Tehran fully reopen the Strait of Hormuz before any major peace deal can be signed. These conditions have left the two sides at an impasse.<\/p>\n
Reports this week also indicated that Washington was pursuing Iranian vessels in broader Asian waters, adding to regional tensions and uncertainty over future oil flows.<\/p>\n
Amid the disruption in Middle East supplies, U.S. oil and petroleum product exports reached a record high of 12.88 million barrels per day in the past week. The increase reflects rapidly rising demand in Europe and Asia as buyers seek alternatives to constrained Middle Eastern flows.<\/p>\n
Domestic fuel demand in the United States also remained robust. Gasoline inventories fell by nearly 4.6 million barrels in the past week, compared with expectations for a 1.5 million barrel draw. This marked the tenth consecutive weekly draw in gasoline stocks, signaling sustained local consumption alongside elevated export flows.<\/p>\n
Why did oil prices rise in Asian trade on Thursday?<\/strong> What are the latest Brent and WTI price levels mentioned?<\/strong> How significant is the Strait of Hormuz for global oil supply?<\/strong> What recent records have U.S. oil exports and gasoline inventories set?<\/strong>
Oil prices rose due to ongoing tensions in the Strait of Hormuz, limited shipping activity after recent vessel attacks, and the lack of clear progress in U.S.-Iran peace talks, all of which supported concerns about supply.<\/p>\n
Brent futures were reported at $102.77 a barrel, up 0.8%, while West Texas Intermediate crude futures were at $93.86 a barrel, nearly 1% higher.<\/p>\n
The Strait of Hormuz has become a key focus in the Iran conflict because its closure blocks roughly 20% of global oil supplies, with economies in Asia and the Middle East expected to be the worst affected by disruptions.<\/p>\n
U.S. oil and petroleum product exports hit a record 12.88 million barrels per day in the past week, while gasoline inventories posted a tenth consecutive weekly draw, falling by nearly 4.6 million barrels versus expectations for a 1.5 million barrel decline.<\/p>\n