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U.S. oil price jumps back above $100 as Iran controls access through Strait of Hormuz
Benchmark U.S. crude rose 5.4% to $99.44 a barrel as traders warned that restricted shipping through the Strait of Hormuz could tighten global supplies.
- On Thursday, oil prices climbed toward $100 a barrel as skepticism over the fragile U.S.-Iran ceasefire intensified. Benchmark U.S. crude rose 5.4% to $99.44, while Brent crude increased 4.1% to $98.70 per barrel.
- Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the United States of violating the two-week truce, citing ongoing strikes in Lebanon and a drone incident. He warned of a "regret inducing response" if attacks continue.
- Threatening that vessels crossing without permission "will be targeted and destroyed," Iran's navy has closed the Strait of Hormuz, causing traffic to drop significantly below the typical rate of 130 ships daily.
- While in Hungary, Vice President JD Vance remarked that "ceasefires are always messy" and prepared for negotiations with Iran in Pakistan on Saturday to address escalating tensions.
- Rystad Energy vice president Janiv Shah advised refiners to "use this window to resume more opportunistic buying," warning that constrained physical flows could worsen product tightness if de-escalation falters.
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Petroleum prices increased byjoi, after the market realized that Iran continued to control access through the Ormuz Stream, despite the two-week ceasefire agreement between the United States and Iran, the CNBC transmitted it.
Oil prices rise to $100 as stocks slow on uncertainty about the US-Iran ceasefire
Oil prices climbed back toward $100 per barrel, while stock markets worldwide slowed following their big gains from the day before. The S&P 500 flipped from a small loss to a gain of 0.3% Thursday after stocks fell across much…
Coverage Details
Total News Sources135
Leaning Left27Leaning Right19Center47Last UpdatedBias Distribution51% Center
Bias Distribution
- 51% of the sources are Center
51% Center
L 29%
C 51%
R 20%
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