Oil Climbs on Ceasefire Uncertainty

2026-04-08 23:27 By Jam Kaimo Samonte 1 min. read

WTI crude futures jumped more than 3% toward $98 per barrel on Thursday, recovering part of the prior session’s losses as renewed Israeli strikes on Lebanon raised doubts about the durability of a fragile Middle East ceasefire, while the Strait of Hormuz remains largely obstructed.

Iranian media reported that oil tanker traffic through the strait had been suspended following the attacks, amid disputes between Tehran and the American-Israeli side over whether the truce extends to Lebanon.

A senior Iranian official also stated that three provisions of the ceasefire agreement have already been breached.

Meanwhile, US Vice President JD Vance said there are indications the strait may begin reopening as he leads a US delegation to Islamabad for direct talks with Iran this weekend.

The near shutdown of Hormuz, which handles about 20% of global crude and gas flows, has triggered the most severe disruption in oil markets.



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