International oil prices rose sharply in intraday trading, with West Texas Intermediate (WTI) reaching $93.31 a barrel and Brent crude touching $98.07. The gains came amid concerns that oil transit through the Strait of Hormuz has fallen about 60% from prewar levels as the U.S. and Iran remain in a military standoff over the waterway. The U.S. is seeking allied support for operations to protect the strait, while Iran is asserting control and warning countries that participate militarily, raising the prospect of prolonged tensions and continued supply-disruption risks.