WTI Oil Prices Rebound on Iran-Oman Shipping Framework Details

West Texas Intermediate (WTI) oil prices rebounded towards $76.50 per barrel on Thursday, up nearly 2.80% from the previous day's close.

The increase came as traders assessed the proposed Iran-Oman shipping framework, which has raised doubts over a full recovery in oil flows through the Strait of Hormuz.

Tehran is seeking greater control over ships entering and leaving the Gulf, with plans to direct incoming vessels through a northern route near Iran and outgoing vessels through a southern route near Oman.

The proposed framework would also impose fines of up to 20% of a vessel's cargo value for violations, and ban US, Israeli and other hostile vessels from passing through the Strait.