Oil Prices Rise 5% Amid Middle East Ceasefire Doubts
Oil prices rose 5% on Thursday as renewed conflict in Lebanon threatened a fragile ceasefire. Shipping traffic through the Strait of Hormuz remains limited.
Global energy markets saw a significant rebound on Thursday as oil prices climbed nearly 5%, driven by growing skepticism over a fragile Middle East ceasefire. The uncertainty has kept supply risks elevated, particularly regarding the Strait of Hormuz, where shippers remain hesitant to resume normal operations. Brent Crude Oil futures rose $4.41, or 4.7%, to reach $99.14 a barrel, while U.S. West Texas Intermediate (WTI) crude jumped $7.57, or 8%, to $99.15 a barrel.
The price surge follows a period of volatility where both benchmarks had briefly dipped below the $100 mark. However, renewed military activity by Israel against targets in Lebanon has placed the truce in jeopardy. These developments come as the United States continues diplomatic efforts, with Vice President Vance traveling to the region to sustain negotiations.
