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U.S. oil price jumps back above $100 as Iran controls access through Strait of Hormuz
Benchmark crude climbed 3.3% as traders weighed threats to shipping through the Strait of Hormuz and a fragile U.S.-Iran ceasefire.
- On Thursday, oil prices climbed toward $100 a barrel as skepticism over the fragile U.S.-Iran ceasefire intensified. Benchmark U.S. crude rose 5.4% to $99.44, while Brent crude increased 4.1% to $98.70 per barrel.
- Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the United States of violating the two-week truce, citing ongoing strikes in Lebanon and a drone incident. He warned of a "regret inducing response" if attacks continue.
- Threatening that vessels crossing without permission "will be targeted and destroyed," Iran's navy has closed the Strait of Hormuz, causing traffic to drop significantly below the typical rate of 130 ships daily.
- While in Hungary, Vice President JD Vance remarked that "ceasefires are always messy" and prepared for negotiations with Iran in Pakistan on Saturday to address escalating tensions.
- Rystad Energy vice president Janiv Shah advised refiners to "use this window to resume more opportunistic buying," warning that constrained physical flows could worsen product tightness if de-escalation falters.
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Oil prices jump back toward $100 on Mideast ceasefire doubts
Oil prices jumped and most stock markets fell Thursday as investors weighed the prospects of a shaky Middle East ceasefire and a re-opening of the Strait of Hormuz, crucial to restoring oil and gas shipments.
Oil prices rise toward $100 as stocks slip on doubts about the US-Iran ceasefire
NEW YORK (AP) – Oil prices are climbing back toward $100 per barrel on Thursday, while stock markets worldwide give back some of their big gains from the day before. The S&P 500 slipped 0.2% as the United States, Iran and Israel disagreed on the details of their two-week ceasefire, whose announcement had sent markets flying in optimism on Wednesday. The Dow Jones Industrial Average was down 166 points, or 0.3%, as of 9:35 a.m. Eastern time, and …
Coverage Details
Total News Sources77
Leaning Left15Leaning Right10Center36Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 25%
C 59%
R 16%
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