Oil prices jump 4% as Iran–US ceasefire uncertainty persists
Global oil prices surged on Thursday as uncertainty over the Iran–US ceasefire continued to shake markets. The spike followed Iran’s statement that it would not reopen the Strait of Hormuz while a US naval blockade remains in place, despite the extension of the truce.
Around 0025 GMT, the US benchmark West Texas Intermediate (WTI) rose 4.06% to $96.73 per barrel. At the same time, the international benchmark Brent North Sea crude climbed 3.62% to $105.63 per barrel, though both later eased slightly.
Oil prices have been on the rise since February 28, when military strikes by the United States and Israel targeted Iran. Since then, markets have remained tense due to ongoing concerns that the conflict could resume.
US President Donald Trump said Tuesday that the ceasefire would be maintained for now to allow more time for Pakistan-mediated peace talks.
Iran welcomed Pakistan’s diplomatic efforts but did not directly comment on Trump’s remarks, leaving the outlook for both the ceasefire and global oil markets uncertain.
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