Oil Prices Rise 2.2% Brent Crude at $96.70 Amid US-Iran Ceasefire

Global benchmark Brent crude saw a rise of 2.2%, reaching $96.70, while West Texas Intermediate increased by 2.8% to $96.90. This price surge comes as traders monitor the fragile US-Iran ceasefire amidst ongoing tensions following Israeli strikes on Lebanon. The Strait of Hormuz has been significantly impacted, with Iran warning that vessels crossing without permission may be targeted. Estimates indicate it could take at least 10 days to clear the backlog of vessels attempting to navigate the strait, raising concerns about oil supply continuity.