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SINGAPORE - Oil rebounded on April 9 after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon threatened to derail the fragile ceasefire in the Middle East. 

West Texas Intermediate (WTI), the US oil benchmark, rose 2.5 per cent to US$96.75 a barrel as at 7.14am Singapore time, after tumbling 14 per cent on April 8.

Iran’s semi-official Fars news agency reported that passage of oil tankers through the strait were halted after Israeli strikes, although US Vice President JD Vance countered that assertion, saying “we are seeing signs that the straits are starting to reopen.”

Mr Vance will lead a US delegation to Islamabad for direct talks with Iran on April 11. 

The near-halt of traffic through the waterway – through which about a fifth of the world’s crude and liquefied natural gas flowed before the US and Israel first struck Iran at the end of February – has caused the biggest-ever oil market disruption.

“This isn’t over just yet,” said Dennis Kissler, senior vic...