Oil Prices Rise Again Amid Doubts Over US-Iran Ceasefire

Istanbul (ANTARA) - Brent crude oil prices rose again on Thursday (9/4) amid reports from Iranian media and renewed disruptions in the Strait of Hormuz, sparking concerns over global supplies and doubts about the US-backed ceasefire.

Brent crude futures climbed 2.5% to near $97 US (around Rp1.66 million) per barrel at 12.50 WIB, after plummeting more than 16% on Wednesday to around $90 US — the lowest level in over a month.

Previously, prices had fallen following an agreement between the United States and Iran for a two-week ceasefire, which eased fears of energy supply disruptions in the Middle East.

However, market sentiment shifted after Iran’s Tasnim news agency reported that Iran could withdraw from the US-backed ceasefire if Israel continues violations in Lebanon.

Iranian media also reported that oil tanker traffic through the Strait of Hormuz has halted again following Israeli attacks in Lebanon, although two ships passed safely after the ceasefire announcement.

Tasnim stated on Thursday that a “large number” of vessels were held up in the strategic waterway.

The report came hours after Iran’s public broadcaster IRIB stated that ships wishing to cross the strait must coordinate with the Iranian Revolutionary Guard Navy and use designated routes.

Source: Anadolu