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2026-04-09 09:43:47
Oil prices rebounded more than 3% on Thursday, with Brent crude futures rising more than 3% to $97.96 a barrel and WTI crude rising as much as 4.2% to $98.38 a barrel. The sustainability of the two-week ceasefire agreement between the US and Iran remains uncertain, the Strait of Hormuz remains restricted, and investors are concerned that Middle Eastern supplies may not fully recover. The ceasefire's sustainability is questionable. Israel launched its most intense airstrike to date on Lebanon on Wednesday, killing hundreds and triggering threats of retaliation from Iran. Iran suggested that continuing negotiations under these circumstances was "unreasonable." Shipping companies said they need a clearer understanding of the ceasefire terms before resuming navigation. Standard Chartered analysts pointed out that passing through the Strait of Hormuz has not suddenly become risk-free and still depends on Iran's decision. Logistical disruptions, security concerns, rising insurance premiums, and operational restrictions mean that the increase in energy passing through the strait in the next two weeks may be very limited. Oil facilities still face threats. Following the ceasefire, Iran attacked several targets in neighboring countries, including a Saudi oil pipeline that bypasses the Strait of Hormuz. Kuwait, Bahrain, and the UAE also reported missile and drone attacks. Haitong Futures points out that statements regarding the Strait of Hormuz remain contradictory.
