Summary
Oil prices went up as traders watched a temporary ceasefire between the U.S. and Iran. The ceasefire is under stress after Israel conducted strikes in Lebanon, and Iran issued warnings in response. Despite the ceasefire announcement, oil prices increased, and shipping through the Strait of Hormuz faced threats due to tensions.
Key Facts
- Oil prices rose in Asian trading on Thursday.
- There is a temporary two-week U.S.-Iran ceasefire in place.
- Israel's strikes in Lebanon challenged the ceasefire.
- Iran warned it might respond if the attacks continue.
- Oil prices dropped initially when the ceasefire was announced.
- The Strait of Hormuz, a major shipping route, faced threats of attack by Iran.
- Brent crude oil went up 3.3% to $97.90.
- West Texas Intermediate oil increased by 3.2% to $97.55.
