Oil prices continued to surge on Thursday amid the continued closure of the critical Strait of Hormuz. The upside was also supported by EIA data revealing declines in U.S. inventories across key refined products.
Brent crude futures traded up 1.7 percent at $103.60 a barrel, extending gains for the fourth straight session as diplomatic efforts between the U.S. and Iran showed little progress. WTI crude futures were up 1.8 percent at $94.60.
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Market Analysis
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.