Oil Prices Jump on Hormuz Tension, Ceasefire Uncertainty

Global oil prices surged on Thursday amid growing uncertainty over the Iran–US ceasefire and rising tensions in the Strait of Hormuz.

The increase followed Iran’s announcement that the key shipping route would not be reopened as long as the United States maintains its naval blockade, heightening fears of supply disruptions in global energy markets.

According to reports, US benchmark crude West Texas Intermediate rose by 4.06 percent to reach $96.73 per barrel around 12:25 GMT.

Meanwhile, international benchmark Brent crude climbed 3.62 percent to $105.63 per barrel.

Prices later eased slightly, but volatility persisted as markets reacted to uncertainty over whether the fragile ceasefire would hold or conflict would resume.

Analysts say the situation remains highly sensitive, as the Strait of Hormuz carries a significant share of the world’s oil supply, making any disruption a major concern for global trade and energy stability.