Oil prices jump back up near $100 a barrel on skepticism over fragile US-Iran ceasefire
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Oil prices have jumped back up near $100 a barrel due to skepticism over a fragile US-Iran ceasefire. The ceasefire agreement has been met with doubts after intense Israeli strikes on Lebanon and Iran's closure of the Strait of Hormuz, a key energy transport route.
Oil prices rose on Thursday, with US crude up 5.4% to $99.44 a barrel and Brent crude up 4.1% to $98.70 per barrel. The increase came after a fragile ceasefire deal between the US and Iran was announced, but doubts about its durability arose. The Strait of Hormuz, a key energy transport route, was closed by Iran in response to Israeli strikes on Lebanon. The closure has raised concerns about global energy supply. Talks to pursue a permanent end to the war are set to start in Pakistan on Saturday. The US military will remain in the region until a permanent agreement is reached.
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