Financial Wire

Crude Oil Prices Jump as U.S.-Iran Ceasefire Appears Fragile

-- Crude oil prices surged on Monday amid concerns about the fragility of the ceasefire between the U.S. and Iran affecting flows through the Strait of Hormuz.

Brent crude at last look gained 5% to US$94.92/barrel and West Texas Intermediate crude rose 6% to $88.89/barrel. This comes after the U.S. seized an Iranian cargo ship, and despite Iran's declaration that the Strait of Hormuz will be opened through the ceasefire, tankers have been fired upon by the Islamic Revolutionary Guard Corps, Reuters reported Monday, citing analysts.

"Market fundamentals are getting worse, as 10-11 million barrels per day of crude oil remains shut in," Reuters quoted Sparta Commodities analyst June Goh as saying.

Iran said it would not participate in a second round of negotiations that the U.S. had hoped to start before the two-week ceasefire expires this week, igniting fears of a resumption in hostilities, the report said.

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