Oil futures climbed amid expanded U.S. efforts to tighten restrictions on Iran's oil exports and ongoing uncertainty around a potential cease-fire.
The June ICE Brent crude contract was trading $3.56 higher at $98.49/bbl on Thursday, while the July contract rose $2.50 to trade at $93.31/bbl. The May West Texas Intermediate contract was up $2.37 to $93.66/bbl, with June up $2.40 to $90.53/bbl.
Refined product futures also moved higher, with the May ULSD contract up 10.58cts at $3.8596/gal and June up 8.81cts at $3.6507/gal. The May RBOB contract traded 5.97cts higher at $3.1289/gal, while June rose 5.91cts to $3.0642/gal.
Crude prices strengthened after the U.S. signaled it would pursue Iran-linked vessels beyond the Middle East and maintain its blockade aimed at curbing Iranian oil exports.
The U.S. is "cranking up pressure on Iran by cutting off its oil export revenues," analysts at DNB said.
Markets continue to monitor the status of a potential cease-fire, with both sides agreeing in principle to further talks, though no timeline has been set.
DNB added there is still "no guarantee the ceasefire will be extended."
Shipping flows through the Strait of Hormuz remain constrained amid the standoff, with limited vessel movement reported.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-- Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
04-16-26 1235ET
