London, May 07 (V7N) — Global oil prices rebounded sharply on Thursday after two consecutive days of decline, with Brent Crude Oil rising above $100 per barrel once again amid escalating tensions surrounding Iran and the Strait of Hormuz.

According to reports, Washington-based WTI Crude Oil also climbed to around $96 per barrel.

Oil prices had fallen significantly on Wednesday (May 6) after U.S. President Donald Trump stated that the Strait of Hormuz could reopen fully if Iran agreed to a proposed deal. Following the remarks, Brent crude dropped nearly 10 percent to around $98 per barrel, while WTI fell about 12 percent to nearly $89.

However, the market reversed course after Trump warned that additional bombing attacks on Iran could follow if Tehran rejected the proposal. The renewed threat of conflict pushed crude prices back above the $100 mark.

Earlier, Brent crude had surged to $122 per barrel on April 29 — its highest level since 2022.

Global energy markets have remained volatile since the conflict involving Iran, the United States, and Israel intensified on February 28. Shipping disruptions and restrictions in the Strait of Hormuz, one of the world’s most critical oil transit routes, have continued to raise concerns over global supply stability.

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