Oil rises as investors remain wary US-Iran ceasefire will open supply flow

Oil prices rose on Thursday on investors’ concerns supply from the key Middle East producing region may ​not fully resume amid doubts the two-week ceasefire between the US and Iran will ‌hold and as the crucial Strait of Hormuz remains restricted. Brent crude futures were up $2.6, or 2.74%, at $97.35 a barrel at 0048 GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.02, or 3.2%, to $97.43 a barrel. Both benchmark prices ​fell below $100 per barrel in the previous trading session, with WTI recording its biggest ​decline since April 2020 on expectations the ceasefire ending the fighting between ⁠the US and Israel against Iran would reopen the Strait of Hormuz. The waterway connects supply ​from Gulf producers such as Iraq, Saudi Arabia, Kuwait and Qatar to global markets and typically ​carries about 20% of oil supply.