Oil Holds Near $78 as Middle East Tensions Keep Supply Risks in Focus

Oil prices remained higher on Thursday, with WTI crude rising 0.6% to $73.94 per barrel and Brent crude gaining 0.6% to $78.52 per barrel, following a surge of more than 8% in the previous session amid renewed U.S.-Iran tensions (Source: Investing.com, Reuters).

Market sentiment remained supported by concerns over energy supplies after the U.S.-led Joint Maritime Information Center raised the threat level for the Strait of Hormuz to "severe" following recent attacks on commercial vessels. The International Maritime Organization (IMO) also urged ships operating in the region to exercise heightened caution.

Although no major disruption to crude exports through the Strait of Hormuz has been reported, some shipping companies have delayed or adjusted vessel routes in response to the increased security risks.

Meanwhile, Russia extended diesel export restrictions through July, while U.S. government data showed declines in gasoline and distillate inventories, highlighting continued tightness in refined fuel markets.

Investors will continue monitoring developments in the Middle East and shipping activity around the Strait of Hormuz for further signs of potential supply disruptions.