Oil prices jumped amid uncertainty surrounding the US-Iran ceasefire

Oil prices surged sharply during trading on April 9 amid market participants' doubts about the sustainability of the ceasefire between the US and Iran, as well as the possibility of a swift restoration of supplies through the Strait of Hormuz.

As reported by Interfax, by 19:00 Baku time, June Brent futures were rising on the London ICE Futures exchange by $4.43 (4.68%) to $99.18 per barrel.

May WTI futures by that time were rising on the NYMEX exchange by $7.62 (8.07%) to $102.03 per barrel.

The day before, Brent had fallen by 13%, and WTI by 16%.

"Peace negotiations can go on indefinitely, but as long as oil and LNG supplies through the strait have not resumed, there is no reason to expect a decline in energy prices," noted SEB Research analyst Ole Hvalbye. "Yesterday's decline was an excessive market reaction."

As a reminder, on February 28, the US and Israel launched military operations against Iran and carried out airstrikes on several cities. On the same day, Iran's Supreme Leader Ali Khamenei was killed as a result of the strikes. In response, Iran launched missile strikes on Israeli territory and attacked American military bases in Persian Gulf countries. Due to the situation, several countries in the region temporarily closed their airspace.

Iran, the US, and their allies reached a two-week ceasefire agreement on the night of April 8, 2026. Iran for its part stated that during this period, safe passage through the Strait of Hormuz would be ensured in coordination with the Iranian armed forces and subject to technical limitations.