Oil Prices Rise Amid Doubts Over US-Iran Ceasefire
Oil prices rose as investors doubted the US-Iran ceasefire would hold. Security risks in the Strait of Hormuz and regional attacks continue to limit supply.
Oil prices climbed during early trading in China on Thursday as market participants remained skeptical that a fragile ceasefire between the United States and Iran would lead to a stable resumption of regional energy exports. Investors are closely monitoring the Strait of Hormuz, a critical maritime artery that remains subject to operational restrictions.
Brent Crude Oil futures increased by $2.60, or 2.74%, reaching $97.35 per barrel. Simultaneously, WT WTI CRUDE OIL rose by $3.02, or 3.2%, to settle at $97.43 per barrel. These gains follow a sharp decline in the previous session where prices fell below the $100 threshold on initial hopes that the cessation of hostilities between the U.S., Israel, and Iranian forces would immediately reopen vital shipping lanes.
