Texas crude oil rises 1.4% amid anticipation of Hormuz Strait deal

Texas crude oil prices climbed 1.4% to $76.27 a barrel on Thursday, with traders closely watching for a potential agreement to reopen the Strait of Hormuz. September WTI futures in the U.S. were up $1.09 at 9:00 a.m. local time (13:00 GMT).

Iran announced Wednesday it had received messages from the United States expressing a readiness to re-commit to a June memorandum of understanding. However, Tehran has not yet decided whether to resume negotiations. Iran stated that the strait cannot be considered secure as long as the U.S. maintains a naval blockade on Iranian ships and ports and continues other "threatening actions."

Analysts suggest market operators are exercising caution due to the possibility that negotiations may not succeed. Jim Reid, a strategist at Deutsche Bank, told CNBC that markets have experienced numerous false starts during this conflict. "While the details are now more concrete, the focus is on what the final agreement will look like," he noted. Reid also highlighted unresolved issues, such as whether Iran will ultimately be able to charge tolls for vessels transiting the strait.