Oil Prices Rebound After Steep Decline Amid Strait of Hormuz Closure

Deep News14:01

International crude oil futures rebounded during Asian trading hours on the 9th, with New York prices briefly exceeding $98 per barrel, marking an intraday increase of over 4%. This uptick followed concerns that Israeli attacks on Lebanon could disrupt a fragile temporary ceasefire agreement, along with reports from Iranian media stating that the Strait of Hormuz had once again been closed. As of 11:30 a.m. Beijing time, New York crude was trading at $97.05 per barrel, up 2.8%, while London Brent crude stood at $96.75 per barrel, rising 2.11%. Previously, news of a two-week ceasefire agreement between the United States and Iran had triggered the largest single-day drop in international oil prices in six years on the 8th, with both New York and London Brent crude settling below $95 per barrel.

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