US Oil Prices Surpass $100 for First Time Since Ceasefire Agreement

Deep News04-09

U.S. crude oil prices have climbed above $100 per barrel for the first time since the United States and Iran reached a ceasefire agreement, as expectations for a swift reopening of the Strait of Hormuz have faded. Despite the signed deal, Iran continues to control the vital waterway, with the number of vessels currently passing through the strait remaining lower than before the blockade. Following the announcement of the U.S.-Iran agreement, WTI crude futures for May delivery fell 16% the previous day, then rebounded more than 6%, reaching a high of $100.29 per barrel. The international benchmark Brent crude for June delivery rose 3.6% to $98.06 per barrel.

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