Oil prices climb again as West Texas Intermediate nears $97
Oil prices are climbing again after their biggest fall since 2020, with West Texas Intermediate (WTI) now close to $97 a barrel.
The recent spike follows a 14% plunge, triggered by tensions in the Middle East: specifically, Israeli military actions in Lebanon and a partial blockade of the Strait of Hormuz, a crucial route for global oil shipments.
Strait of Hormuz disruption hits markets
With about 20% of the world's crude and liquefied natural gas once moving through the Strait of Hormuz, its disruption is hitting markets hard.
US Vice President JD Vance is heading to Islamabad for direct talks with Iran to help ease the situation.
Meanwhile, supply issues continue as refineries stay closed and output cuts persist.
Analysts say oil prices probably won't drop much unless the strait fully reopens; one even suggests $90 per barrel is likely until things calm down.