Oil prices surge again – But will the US-Iran ceasefire hold? The shocking details

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Oil prices have increased, while stocks have fallen, amid growing concerns about the fragile US-Iran ceasefire following a major bombardment of Lebanon by Israel.

In the last two hours, Hezbollah reported that it had launched rockets at northern Israel in retaliation for what it called “ceasefire violations.”

Fears that the ceasefire might collapse while crude oil remains stagnant in the Strait of Hormuz led to a nearly 3% rise in West Texas Intermediate oil on Thursday, recovering from a drop of over 16% the previous day. Brent crude also saw an increase of more than 2% after experiencing a 13% decline.

Equities have also retraced some of their earlier gains. In early Asian trading, markets in Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, and Taipei all showed slight declines.

Meanwhile, independent analysts have reported no significant change in traffic through the Strait of Hormuz.

This comes despite claims from the White House on Wednesday that there had been an increase in the number of vessels passing through the key waterway since the US announced a ceasefire with Iran.

Windward, a maritime intelligence company that monitors global shipping, revealed that only 11 vessels transited the Strait on Wednesday, which aligns with the numbers observed in previous days.

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