WTI Oil Rebounds on Iran-Oman Agreement Details

WTI Oil rebounded on Thursday as traders reacted to details of the proposed Iran-Oman agreement on the Strait of Hormuz.

The agreement, which would direct ships entering the Strait through a northern route near Iran and outgoing vessels through a southern route near Oman, has dampened optimism over oil flows through the waterway.

The proposed bill by an Iranian parliamentary committee would ban US, Israeli, and other hostile vessels from passing through the Strait, imposing fines of up to 20% of a vessel's cargo value for violations.

This move highlights Iran's push for greater control over the Strait, with Tehran insisting that it will not operate as it did before the war.