Oil Prices Rise Again amid Uncertainties of US-Iran Ceasefire

JAKARTA - Brent crude prices rose again on Thursday (9/4) amid Iranian media reports and disruptions in the Strait of Hormuz, which sparked concerns about global supplies and doubts about the US-backed ceasefire.

As reported by ANTARA from Anadlu, the price of Brent futures rose 2.5 percent to near 97 US dollars (around Rp1.66 million) per barrel at 12.50 WIB, Thursday, April 9, after falling more than 16 percent on Wednesday to around 90 US dollars - the lowest level in more than a month.

Previously, prices had fallen after the United States and Iran agreed to a two-week ceasefire, which eased concerns about disruptions to energy supplies in the Middle East.

However, market sentiment changed after Iran's Tasnim news agency reported that Iran could withdraw from the US-backed ceasefire if Israel continued to commit violations in Lebanon.

Iranian media also reported that the traffic of oil tankers through the Strait of Hormuz was again halted after the Israeli attack in Lebanon, although two ships had safely passed after the announcement of the ceasefire.

Tasnim on Thursday said "a large number" of vessels were held up in the strategic waterway.

The report came hours after Iran's state broadcaster, IRIB, reported that ships wishing to cross the strait must coordinate with the Iranian Revolutionary Guard Navy and use designated routes.