Oil prices stayed above the $100 mark on Thursday, even as they dipped slightly, as tensions between Iran and the United States intensified into what is increasingly being seen as a blockade-style standoff, disrupting key global shipping routes. Brent crude futures fell 15 cents to $101.76 a barrel, after settling above $100 for the first time in more than two weeks on Wednesday. US West Texas Intermediate (WTI) crude slipped 14 cents to $92.82.
Despite the minor pullback, both benchmarks had surged more than $3 in the previous session, driven by sharper-than-expected declines in US fuel inventories and the lack of progress in peace negotiations.
Also Read:Iran Lists Key Reasons For Failure Of US Peace Talks
The ongoing standoff has centered around theStrait of Hormuz, a critical artery for global energy trade that previously handled about 20% of the world’s daily oil and LNG flows before the conflict erupted in late February.
Although US President Donald Trump extended a ceasefire following mediation efforts by Pakistan, both sides have continued to impose restrictions on maritime movement, effectively turning the region into a high-risk zone for commercial shipping.
Tensions escalated further after Iran seized two vessels in the Strait on Wednesday, tightening its control over the waterway. In response, the US has maintained a naval blockade targeting Iranian trade flows. Iranian parliament speaker Mohammad Baqer Qalibaf said a full ceasefire would only be possible if the blockade is lifted.
In a further sign of escalation, the US military has reportedly intercepted at least three Iranian-flagged tankers in Asian waters, redirecting them away from positions near India, Malaysia and Sri Lanka.
While Trump had earlier warned of possible strikes on Iran’s infrastructure, including power plants and bridges, he ultimately stepped back and extended the ceasefire. However, no timeline has been set for its duration, according to White House press secretary Karoline Leavitt.
Even as geopolitical tensions rattled markets, US energy exports surged.
Total shipments of crude oil and petroleum products rose by 137,000 barrels per day to a record 12.88 million bpd, as buyers across Asia and Europe rushed to secure supplies amid disruptions linked to the conflict.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
