The move in oil prices higher effectively halted a plunge that began immediately after Trump announced the ceasefire Tuesday night. U.S. crude oil dropped more than 16% Wednesday.
“Prices rebounded as fighting in the Middle East continued, and the ceasefire outlook deteriorated, keeping uncertainty around the Strait of Hormuz firmly in focus,” ING commodities analysts wrote in a Thursday morning note. “Optimism over the ceasefire faded after Tehran said several terms of the agreement had been breached.”
On Wednesday, Iranian media reported that the Strait of Hormuz, a key component of the ceasefire, had been closed again after Israel struck Lebanon. Mohammad Bagher Ghalibaf, the speaker of the Iranian Parliament, also said that the U.S. violated the deal.
“Ceasefire violations carry explicit costs and STRONG responses,” he wrote on X.
Iran insists that a halt to Israeli strikes in Lebanon be included in any ceasefire deal. The U.S. and Israel, however,
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