Oil prices rose on Thursday as doubts over ​a fragile two-week Middle East ceasefire raised concerns that energy flows through the crucial Strait of Hormuz will remain ‌restricted. Brent crude futures were up $1.96, or 2.07%, at $96.71 a barrel at 0325 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.60, or 2.75%, to $97.01 a barrel. Both benchmark prices fell below $100 per barrel in the previous trading session, with WTI recording its biggest decline since ​April 2020, on initial expectations for the ceasefire to result in a reopening of the strait. However, analysts said market participants ​are hesitant to fully unwind pricing for geopolitical risk, and there is no clarity on ⁠what negotiations between the U.S. and Iran would mean for oil flows. “The chances of a meaningful reopening (of the ​Strait of Hormuz) any time soon look dim,” said Vandana Hari, founder of oil market analysis provider Vanda Insights, ​predicting continued volatility in oil prices. “The futures market looks a bit broken,” she said. Otherwise, “prices should have snapped right back to pre-ceasefire levels by now.”

Reuters