Oil prices saw a rebound after a significant 14% drop, with West Texas Intermediate (WTI) crude trading near $97 per barrel and Brent crude closing below $95. The drop was primarily due to the blockage of the Strait of Hormuz, a critical passage for global oil transport, following Israeli military actions in Lebanon. The near-total halt of oil tanker traffic through the strait has led to unprecedented disruptions in the oil market. US Vice President JD Vance stated that there are indications the strait may be reopening, but analysts caution that a complete return to normalcy will take time. Dennis Kissler, a senior vice president at BOK Financial Securities Inc., noted that crude prices could stabilize around $90 until the strait is fully operational. Ongoing conflicts in the region, including Iranian strikes on Gulf states, continue to threaten the fragile ceasefire, further complicating the energy supply situation.