Crude oil has soared on Thursday as Iran allows only restricted naval traffic through the Strait of Hormuz, renewing supply disruption concerns. Further, Israel's bombardment of Lebanon kept Middle East tensions alive.
WTI Crude Oil for May month delivery was last seen trading up by $3.25 (or 3.44%) at $97.66 per barrel.
The U.S.-Israel combined attacks on Iran, which started on February 28, causing oil prices to catapult for nearly six weeks, came to a halt after both the nations announced a truce.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.