Hormuz Clashes Flare with US Strikes, WTI Rebounds to $98 as NFP Looms

Renewed clashes in the Strait of Hormuz and reports of US strikes on Iranian military targets have driven oil prices higher, with Brent above $101/bbl and WTI rebounding past $98/bbl before consolidating near $97/bbl, sidelining upcoming NFP data. After nine weeks of blockade stranding 900+ vessels and idling ~11M bpd, May 6 de-escalation cut Brent 1.1% to $108.68 before a late rebound to July $102.19 (+0.9%) and June WTI $96.25 (+1.2%), aided by Saudi Aramco's smaller-than-expected $4/bbl OSP cut to $15.50. May 7 diplomatic hopes for gradual reopening were offset by US intel warning Iran can withstand blockade for 90-120 days, sustaining supply fears amid volatile markets.