By Our Correspondent
National News – Global oil prices are climbing again as fears rise over the stability of the US-Iran ceasefire following Israel’s recent strikes on Lebanon.
Tehran warned of a “regret-inducing response” if attacks continue, while US President Donald Trump stated that American forces would stay in the region until Iran fully honors the ceasefire agreement.
Oil prices had dropped earlier after a temporary pause in hostilities allowed the reopening of the vital Strait of Hormuz, a major route for global energy shipments.
Reports indicate Iran may keep the strait closed due to Israeli attacks, raising concerns over potential long-term disruptions to oil supplies.
Brent crude rose 2% to $96.53 per barrel, and West Texas Intermediate surged 2.8% to $97.02, while stock markets in Europe and Japan saw slight declines amid uncertainty.
The ceasefire agreement aimed to allow safe passage of ships through the Strait of Hormuz, but Iran’s navy issued warnings that vessels crossing without permission “will be targeted and destroyed,” according to shipping analysts.
Iran’s deputy foreign minister, Saeed Khatibzadeh, stated the strait would reopen only after what he described as a withdrawal of US aggression, creating ambiguity about Lebanon’s role in the ceasefire.
Vice President JD Vance will lead US negotiations with Iran in Pakistan this Saturday. Since the deal, only a handful of vessels have crossed the waterway, far below the usual 130 daily transits, and maritime experts predict it could take at least ten days to clear the existing backlog of ships.
Shipping companies report ongoing challenges due to fluctuating announcements, and potential fees for passage could impact global trade significantly.
The Strait of Hormuz remains critical for energy flows, with countries including Malaysia, India, and the Philippines negotiating safe passage.
Analysts warn that weeks are needed to transport stranded oil and gas cargoes, and months may pass before global trade returns to pre-crisis levels.
