Oil prices rose for a second consecutive day following another highly volatile trading session, as escalating rhetoric from Iran fueled concerns over a prolonged conflict, overshadowing the impact of emergency crude reserve releases. After gaining nearly 5% on Wednesday, WTI crude climbed as much as 6.6% today to $93.01 per barrel, while Brent crude reached $98 per barrel. Iran communicated to regional mediators that any ceasefire agreement must include a U.S. guarantee against future attacks on Iran by either the United States or Israel. Washington is unlikely to accept these terms, further dampening expectations of a near-term end to the war. The announcement of a U.S. plan to release 172 million barrels of crude—nearly half of its current strategic reserve—as part of a coordinated international effort to cool markets, caused a temporary paring of price gains. On Wednesday, combined with releases from other nations, the International Energy Agency agreed to an unprecedented collective release of 400 million barrels of oil reserves, significantly exceeding the supply disruption following the 2022 Russia-Ukraine war, which briefly pulled prices lower. Nevertheless, the critical Strait of Hormuz remains effectively closed to shipping, and markets are closely watching for signs of a return to normal trade. Attacks by suspected aerial objects on three vessels in the narrow waterway and the Persian Gulf on Wednesday highlighted ongoing risks to shipping. The near-closure of the Strait of Hormuz, a transit route for about one-fifth of global oil, has led major Gulf producers to cut output, driving up prices for crude, natural gas, diesel, and other energy products. The two-week-old conflict has intensified concerns about an inflationary crisis. With global daily oil consumption just over 100 million barrels, producers in the Gulf region have so far been forced to cut roughly 6% of that supply. Robert Rennie, Head of Commodity Research at Westpac, stated, "With no end in sight to hostilities, containment measures increasing daily, and the Strait effectively shut, we maintain our view that Brent will move into a new, higher range of $90-$110 next week." In a speech in Kentucky on Wednesday, former President Trump reiterated his assertion that the war would end soon but also suggested the U.S. would remain until its objectives are met. "We don't want to leave early, right?" he told the audience.