New Delhi, April 9 -- After a sharp 15% fall, crude prices rebounded early Thursday following uncertainty over the opening of the Strait of Hormuz, a key artery for one-fifth of global oil supplies.

At 8.30 am, the June contract of Brent on the Intercontinental Exchange was trading at $96.80 per barrel, higher by 2.16% from its previous close. The May contract of the West Texas Intermediate on the NYMEX rose 2.85% to $97.10 a barrel.

Oil prices plunged in the previous session after the US, Israel and Iran agreed to a two-week ceasefire. Iran had agreed to the opening of the Strait of Hormuz during this period. However, Israel launched the most severe strike on Lebanon since the start of the war on 28 February, following which the Islami...