Oil Rises After Biggest Drop Since 2020 as Hormuz Stays Blocked

Oil recovered after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon threatened to derail the fragile ceasefire in the Middle East.

Both Brent and West Texas Intermediate benchmarks climbed toward $98 a barrel after plunging more than 13% on Wednesday. Iran’s semi-official Fars news agency reported that passage of tankers through the strait was halted after Israeli strikes, while US Vice President JD Vance said there were “signs that the straits are starting to reopen.”

On Thursday, two fully laden Chinese oil tankers in the Persian Gulf were ...