LONDON/NEW YORK, April 9 (NNN-Bernama-dpa) — Oil prices edged higher again on Thursday after tumbling the previous day, as the ceasefire in the Iran conflict appeared fragile and the Strait of Hormuz remained largely impassable for most ships, reported German Press Agency (dpa).
A barrel (159 litres) of Brent crude for June delivery was trading at US$97.24 on Thursday morning, up 2.6 per cent from the previous day.
Prices had fallen to almost US$90 on Wednesday, their lowest level since mid-March, after the announcement of a two-week ceasefire between the United States US) and Iran.
The price of US West Texas Intermediate (WTI) crude for May delivery also rose again on Thursday morning.
Oil prices remain the main gauge of inflation and growth concerns on the markets at the moment.
After Israel’s airstrikes in Lebanon, Iran threatened to abandon the ceasefire it had only just agreed with the US.
The US must choose “ceasefire or continued war via Israel,” Foreign Minister Abbas Araghchi wrote on the social media platform X. “It cannot have both.”
US President Donald Trump also threatened a new military escalation against Iran if no comprehensive agreement is reached.
— NNN-BERNAMA-dpa