Oil prices increased on 9 April due to uncertainties surrounding a two-week Middle East ceasefire, raising fears that energy shipments through the vital Strait of Hormuz may remain constrained, reported Reuters.
By 08:56 GMT, Brent crude futures had increased by $3.69, or 3.9%, reaching $98.44 per barrel (bbl).
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Meanwhile, US West Texas Intermediate (WTI) crude climbed $3.47, or 3.7%, to $97.88/bbl.
In the previous trading session, both benchmarks dropped below $100/bbl as early optimism about the ceasefire potentially reopening the strait led to WTI experiencing its largest decrease since April 2020.
The Strait of Hormuz is a key passage for oil and gas supplies from Gulf countries such as Iraq, Saudi Arabia, Kuwait and Qatar, handling approximately 20% of the global supply.
However, the ceasefire’s stability is uncertain, with Israel continuing attacks on Lebanon, prompting Iran to label further peace negotiations as “unreasonable”.
Shipping companies are seeking clear guidelines before resuming passage through the Strait of Hormuz.
Iran has released maps to direct ships away from mines in the waterway, outlining safe routes in collaboration with the nation’s Revolutionary Guards, according to Iranian media.
Despite the ceasefire, Iran has continued targeting regional oil sites including a Saudi pipeline meant to bypass Hormuz, according to an industry source.
Missile and drone attacks were also experienced in Kuwait, Bahrain and the United Arab Emirates.
In light of the ceasefire, Goldman Sachs has revised its oil price predictions for the second quarter of 2026. The bank now anticipates Brent crude will reach $90/bbl and US crude $87/bbl.
These figures were previously set at $99 for Brent and $91 for WTI.
