Oil Prices Surge Near $100 as US-Iran Ceasefire Doubts Emerge

Oil prices jumped Thursday, nearing $100 a barrel, as doubts surfaced regarding a fragile ceasefire between the US and Iran. There were no clear signs that the Strait of Hormuz, a critical oil shipping route, had reopened. Iran asserted its control, demanding tolls for safe passage.

Benchmark US crude rose 5.4% to $99.44 a barrel, while international Brent crude climbed 4.1% to $98.70.

This rebound follows a significant dip yesterday after President Trump announced a two-week ceasefire. Analysts noted that continued fighting and a deteriorating ceasefire outlook have refocused attention on the Strait of Hormuz.

Talks for a permanent end to hostilities are anticipated to begin in Pakistan on Saturday, with Vice President JD Vance leading the US delegation. President Trump stated US military presence in the region will continue until a "REAL AGREEMENT" is fully met.