Oil holds near $96, markets weigh U.S.-Iran developments

April 16, 2026 (MLN): Oil prices edged lower in early Thursday trading, before rising up again as signs of a possible de-escalation between the United States and Iran eased market concerns.

Currently, Brent crude futures is up  by $1.5 , or 1.58%, to $96.43 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.32, or 1.45%, to $92.61 per barrel by [3:01 pm] PST.

Reports suggesting Tehran may permit vessels to transit near the Strait of Hormuz helped calm fears, offsetting ongoing worries about supply disruptions, according to CNBC.

Washington signaled renewed optimism about securing an agreement to end hostilities with Iran, while also cautioning that economic pressure on Tehran would intensify if progress stalls.

The conflict involving the U.S., Israel, and Iran has triggered an unprecedented disruption in global energy flows. Iran’s interference in the Strait of Hormuz  a critical passage responsible for roughly one-fifth of global oil and liquefied natural gas shipments has significantly strained supply chains.

Diplomatic efforts appear to be continuing, with U.S. and Iranian officials considering another round of talks in Pakistan as soon as this weekend after previous negotiations concluded without a deal. Meanwhile, Pakistan’s army chief visited Tehran on Wednesday in an effort to help prevent further escalation.

In parallel, the United States has imposed a maritime blockade on Iranian ports, with officials stating that the move has effectively brought the country’s seaborne trade to a standstill.

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