Oil Prices Rise 5.5% Amid Fears of US-Iran Ceasefire Collapse

Oil prices rose by 5.5% due to growing concerns about a potential collapse of the ceasefire between the US and Iran. Tensions reignited after the US seized an Iranian cargo ship, with Iran threatening retaliation.

Brent crude futures rose by $5.10 to close at $95.48 a barrel, while US West Texas Intermediate crude rose by $5.76 to $89.61 a barrel.

Navigation in the Strait of Hormuz, through which a significant portion of global oil supply passes, remains limited.

Iranian Foreign Minister Abbas Araghchi expressed dissatisfaction with the US's "ongoing violations of the ceasefire."

Donald Trump stated he was unsure about extending the ceasefire but emphasized that the naval blockade would continue.