WTI Rebounds Above $76 as Iran-Oman Strait of Hormuz Deal Details Dent Flows Optimism

West Texas Intermediate crude oil rose sharply during Thursday’s session, climbing 2.8% to $76.50 per barrel.

The rebound followed a closer look at the proposed Iran-Oman agreement on the Strait of Hormuz, where details suggested that optimism over unimpeded oil flows may have been premature. Traders had initially anticipated that the diplomatic pact would ease supply concerns in the region, but the fine print triggered a reassessment of transit risk.