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Oil prices rise as investors eye fragile US-Iran ceasefire
TL;DR
Global oil prices increased as investors monitor the fragile US-Iran ceasefire, which is under strain due to recent Israeli strikes on Lebanon. Brent crude rose by 3.3% to $97.90, while West Texas Intermediate climbed 3.2% to $97.55.
Global oil prices rose in Asian morning trade on Thursday as investors watch developments in the fragile US-Iran ceasefire.
The conditional two-week ceasefire has been tested after Israel launched a wave of deadly strikes on Lebanon, prompting Tehran to warn of a "regret‑inducing response" if the attacks continue.
Oil prices plunged on Wednesday after the announcement of the agreement that includes the reopening of the key Strait of Hormuz waterway.
Traffic through the crucial shipping route has been severely disrupted after Iran threatened to attack vessels that try to cross the strait, in retaliation against US-Israeli airstikes on Iran.
Global benchmark Brent crude was up 3.3% at $97.90 (£73.11), while US-traded West Texas Intermediate was 3.2% higher at $97.55.
Oil prices remain far higher than they were before the war started on 28 February.
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Q&A
What caused the recent rise in global oil prices?
The rise in global oil prices is attributed to investor concerns over the fragile US-Iran ceasefire, particularly following Israeli strikes on Lebanon.
How has the US-Iran ceasefire affected oil traffic through the Strait of Hormuz?
The ceasefire has led to disruptions in oil traffic through the Strait of Hormuz, as Iran threatened to retaliate against vessels crossing the strait amid escalating tensions.
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