Even once the strait transit picks up, the return of energy supplies will not be instant

[SINGAPORE] Oil rebounded 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) traded around US$97 a barrel, after slumping 14 per cent on Wednesday (Apr 8), while Brent closed below US$95. 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”.

https://www.businesstimes.com.sg/international/global/oil-rises-after-biggest-drop-2020-hormuz-stays-blocked-iran-says-ceasefire-violated