Oil rises as investors remain wary US-Iran ceasefire will open supply flow
Source: Reuters
Oil prices rose on Thursday on investors' concerns supply from the key Middle East producing region may not fully resume amid doubts the two-week ceasefire between the U.S. and Iran will hold and as the crucial Strait of Hormuz remains restricted.
Brent crude futures were up $2.6, or 2.74%, at $97.35 a barrel at 0048 GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.02, or 3.2%, to $97.43 a barrel.
Both benchmark prices fell below $100 per barrel in the previous trading session, with WTI recording its biggest decline since April 2020 on expectations the ceasefire ending the fighting between the U.S. and Israel against Iran would reopen the Strait of Hormuz.
The waterway connects supply from Gulf producers such as Iraq, Saudi Arabia, Kuwait and Qatar to global markets and typically carries about 20% of oil supply.
Read more: https://www.reuters.com/business/energy/us-crude-futures-rise-after-settling-previous-session-with-biggest-fall-six-2026-04-08/
A lot of good that "ceasefire" did us. First it's on then it's off and round and round we go.
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