Oil prices showed mixed movement in early trading Thursday, with markets keeping a close eye on the prospect of a prolonged Strait of Hormuz closure. The waterway handles roughly one-fifth of the world's oil shipments, making any potential disruption a significant concern for global energy markets.

President Trump told aides to prepare for an extended blockade of Iran, the Wall Street Journal reported, citing U.S. officials. The president also suggested U.S. military action could resume, posting on social media that "Iran can't get their act together" and urging Tehran to "get smart soon" regarding nuclear negotiations.

In commodity markets, front-month WTI crude futures were flat at $106.87 per barrel, while Brent crude futures rose 1.0% to $119.16 a barrel. The premium on Brent reflects heightened supply disruption fears should the strategic chokepoint face prolonged disruption.