West Texas Intermediate (WTI) Oil rebounds on Thursday as traders react to details of the proposed Iran-Oman agreement on the Strait of Hormuz. At the time of writing, WTI trades around $76.50 per barrel, up nearly 2.80% on the day. Iran also says countries and individuals accused of causing damage to the country will not be granted passage until compensation is paid. Fars also reported that the proposed Iran-Oman framework would direct ships entering the Strait through a northern route near Iran, while outgoing vessels would use a southern route near Oman. The details highlight Iran’s push for greater control over the waterway.