Oil prices rebounded Thursday, Brent up 2.4% to $97.02 and WTI up 3.1% to $97.37 after >13% drop Wednesday.
Israeli strikes on Lebanon intensified, undermining the U.S.-Iran ceasefire and prompting Iran to halt tanker traffic through the Strait of Hormuz.
EIA data showed U.S. crude inventories rose 3.1 million barrels to 464.7 million barrels week ended April 3, the highest in nearly three years.
ING analysts said limited near‑term reopening of Hormuz will keep oil prices supported despite reduced output and refinery shutdowns.