Oil prices rebounded Thursday, with Brent up 2.4% to $97.02 and WTI up 3.1% to $97.37 after a >13% drop.
The decline followed President Donald Trump's announcement of a two‑week U.S.–Iran ceasefire, amid intensified Israeli strikes on Lebanon and ceasefire doubts.
Strait of Hormuz shipping remains limited, while U.S. crude inventories rose 3.1 million barrels to 464.7 million barrels, the highest level in three years.
Distillate stocks fell 3.1 million barrels and gasoline inventories dropped 1.6 million barrels on strong export demand.