Oil Prices Rise on Renewed Persian Gulf Conflict Fears

MT Newswires Live04-09

Oil futures prices rose early Thursday amid fear of renewed conflict in the Persian Gulf and reports that Iran has not yet reopened the Strait of Hormuz to regular traffic.

Prices for West Texas Intermediate were up 3.2% to $97.39 per barrel, while Brent crude was up 3.0% to $97.63 per barrel.

Shares of Total Energies (TTE) were up 1.2% while other oil stocks were up less than 1%.

Reopening the Strait was a condition of the Pakistan-brokered ceasefire deal between the US and Iran on Tuesday. After briefly reopening the Strait to commercial traffic on Wednesday, Iran said it had closed the chokepoint because the US had reneged on the agreement by allowing Israel to continue its offensive in Lebanon.

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