Oil Surges Past $100 on Ceasefire Doubts

2026-04-09 15:12 By Joana Taborda 1 min. read

WTI crude futures extended gains on Thursday, rising more than 8% to trade above $100, partially reversing a nearly 16% plunge in the previous session, its steepest single-day drop since 2020.

Investor concerns over the fragility of the ceasefire intensified, as both the US and Iran accused each other of violating the agreement.

Ongoing Israeli operations against Hezbollah in Lebanon also threatened to undermine the deal, with Iranian officials insisting that Lebanon is covered under the ceasefire terms.

Meanwhile, the Strait of Hormuz remained effectively closed, with Tehran reportedly requiring military approval for vessel passage.

In the first 24 hours of the ceasefire, only one oil products tanker transited the strait, according to Reuters.

The near shutdown of Hormuz, which handles around 20% of global oil and gas flows, has triggered one of the most severe disruptions in energy markets in recent years.



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