Following the announcement of a two-week ceasefire between the U.S. and Iran, oil prices initially fell sharply, with Brent crude dropping 16% to $94.52 per barrel, marking the steepest single-day decline in over five years. However, as the ceasefire's viability came into question due to ongoing Israeli attacks in Lebanon, Brent crude rose again to $97.35 per barrel, reflecting market anxiety over potential disruptions in oil supply through the crucial Strait of Hormuz, which carries about 20% of the world’s oil supply.
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Brent Crude Oil Prices Surge Amid US-Iran Ceasefire Uncertainty
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Oil prices have rebounded by about 2% as doubts grow over the durability of the U.S.-Iran ceasefire announced by President Donald Trump, which is contingent on the reopening of the Strait of Hormuz. The situation remains tense as Israel continues its military operations in Lebanon, raising concerns about further escalation in the region.
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