WTI crude oil futures rose above $93 per barrel on Thursday as traders balanced signs that the US and Iran may extend a ceasefire with the ongoing double blockade of the Strait of Hormuz, which continues to disrupt flows. Both sides are reportedly considering a two week extension to allow more time for negotiations, while traffic through the key waterway linking the Persian Gulf to global markets remains largely paralyzed as the conflict nears its seventh week. The US has imposed a blockade to restrict Iranian shipments, while Tehran has kept the strait closed to most other vessels and warned it will halt all regional trade if restrictions persist. US Defense Secretary Pete Hegseth said forces remain ready to resume combat if ordered. The conflict has caused a major supply shock, lifting inflation pressures and weighing on growth, though prices have eased from earlier peaks despite remaining significantly above pre war levels.
