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Thu, 09 Apr 2026

Thu, 09 Apr 2026 Oil prices rise as traders eye fragile US-Iran ceasefire

The cost of crude plunged on Wednesday after a deal was announced that includes the opening of the Strait of Hormuz.
Global oil prices surged by 2-3% on Thursday as investors became increasingly cautious due to concerns over the fragile US-Iran ceasefire. The conditional two-week truce has been put to the test after Israel's airstrikes on Lebanon prompted Tehran to threaten a "regret-inducing response". This development comes despite an agreement announced earlier in the week that included the reopening of the key Strait of Hormuz waterway. However, oil prices have remained high due to uncertainty over how Iran plans to oversee ship movements through the strait. Energy traders are also keeping a close eye on the flow of energy shipments through the strait and any changes to the supply of oil. According to experts, it's likely that oil prices will remain elevated for at least another year due to damage sustained by oil and gas facilities during the conflict. Global benchmark Brent crude rose to $96.70 per barrel, while US-traded West Texas Intermediate reached $96.90 per barrel.