Oil prices jumped four percent Thursday after Iran vowed not to reopen the Strait of Hormuz so long as a US naval blockade remained in place despite a ceasefire extension.
The benchmark US oil contract West Texas Intermediate (WTI) quickly climbed 4.06 percent to $96.73 per barrel, while international oil benchmark Brent North Sea crude rose 3.62 percent to $105.63. Both eased back in the following minutes.
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Oil prices have soared since Israel and the US attacked Iran on Feb. 28 and they have kept inching up on the uncertainty over whether war will resume.
As the clock ticked for a return to the war that has engulfed the region, US President Donald Trump said Tuesday he would maintain the truce to allow more time for Pakistani-brokered peace talks.
Iran said it welcomed the efforts by Pakistan but made no other comment on Trump’s announcement.
