Oil rises as investors remain wary US-Iran ceasefire will open supply flow [View all]

Source: Reuters

Oil prices rose on Thursday on investors' concerns supply from the key Middle East producing region may ​not fully resume amid doubts the two-week ceasefire between the U.S. and Iran will ‌hold and as the crucial Strait of Hormuz remains restricted.

Brent crude futures were up $2.6, or 2.74%, at $97.35 a barrel at 0048 GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.02, or 3.2%, to $97.43 a barrel.

Both benchmark prices ​fell below $100 per barrel in the previous trading session, with WTI recording its biggest ​decline since April 2020 on expectations the ceasefire ending the fighting between ⁠the U.S. and Israel against Iran would reopen the Strait of Hormuz.

The waterway connects supply ​from Gulf producers such as Iraq, Saudi Arabia, Kuwait and Qatar to global markets and typically ​carries about 20% of oil supply.

Read more: https://www.reuters.com/business/energy/us-crude-futures-rise-after-settling-previous-session-with-biggest-fall-six-2026-04-08/