22.04.202623:31:33UTC+00Oil Holds Three-Day Advance

WTI crude futures traded above $92 per barrel on Thursday, extending a three-session rally as diplomatic efforts between the US and Iran stalled and the Strait of Hormuz stayed effectively shut. Tehran continues to assert control over the strategic waterway, curbing nearly all international shipping and reportedly firing on commercial vessels this week. At the same time, the US has maintained its blockade of Iranian ports in an effort to increase pressure on the Islamic Republic, a step Tehran has condemned as a violation of the ceasefire.

President Donald Trump said the current truce would remain in place indefinitely while Washington waits for a revised peace proposal from Iran, though Iranian officials have signaled they do not plan to enter talks in the near future. On the supply side, EIA data showed declines in US inventories across key refined products, underscoring robust demand from both domestic consumers and export markets.