Oil Prices Jump 2.52% to $97.14 Amid Iran-U.S. Ceasefire Tensions

Oil prices increased Thursday, with Brent crude for June delivery rising 2.52% to $97.14 and U.S. West Texas Intermediate crude for May adding 2.72% to $96.96 per barrel. This rise follows Iran's accusation that the U.S. violated a ceasefire agreement, which raises concerns about potential disruptions in energy supplies. Mohammad Bagher Ghalibaf, Iran's parliamentary speaker, stated that the U.S. had breached terms related to Israel's actions in Lebanon and Iran's rights regarding uranium enrichment. This volatility in prices occurred after U.S. crude oil experienced its largest single-day drop since 2020.