Oil gains 1% as Benjamin Netanyahu shares Lebanon peace plans
Oil prices nudged up 1% on Thursday, with Brent at $95.92 and US WTI at $97.87 a barrel, still just under the $100 mark.
The recent price spike was sparked by worries over a shaky U.S.-Iran ceasefire, but things cooled off after Israel's Prime Minister Benjamin Netanyahu shared plans for peace talks with Lebanon.
Supply routes disrupted by regional attacks
Even with talk of peace, oil supply routes are still a mess. Ship traffic through the key Strait of Hormuz has dropped to less than 10% of normal because Iran is flexing its control in the area.
On top of that, Saudi oil production capacity was reduced by 600,000 barrels per day after attacks on infrastructure, and Iranian strikes in Saudi Arabia and the United Arab Emirates have kept everyone on edge, meaning freight costs stay high and market stability is still out of reach.