Oil Edges Higher on Fragile US-Iran Ceasefire; WTI Settles at $97.87 a Barrel
Summary
- International oil prices rose modestly as Middle East tensions persisted despite a two-week ceasefire agreement between the US and Iran.
- June-delivery Brent crude settled at $95.92 a barrel, while May-delivery WTI closed at $97.87 a barrel.
- WTI briefly climbed above $100 a barrel during the session on reports of Iran's restrictions on Strait of Hormuz traffic, but later pared some of its gains after Israel said it planned talks with the Lebanese government.
Forecast Trend Report by Period
International oil prices rose modestly on June 9 as tensions in the Middle East persisted despite a two-week ceasefire agreement between the US and Iran.
Brent crude for June delivery settled at $95.92 a barrel on the ICE Futures Europe exchange in London, up $1.17, or 1.23%, from the previous session. West Texas Intermediate for May delivery rose $3.46, or 3.66%, to settle at $97.87 a barrel on the New York Mercantile Exchange.
Oil prices were volatile on the second day of the US-Iran ceasefire. WTI futures briefly climbed above $100 a barrel after reports that Iran would restrict traffic through the Strait of Hormuz.
Russia's Tass news agency reported that a senior Iranian source said vessels passing through the Strait of Hormuz would be limited to fewer than 15 a day.
Prices later pared some of their gains after Israel said it planned to hold talks with the Lebanese government.
Israeli Prime Minister Benjamin Netanyahu said he would enter direct negotiations with the Lebanese government to secure the disarmament of the pro-Iran armed group Hezbollah.
Noh Jeong-dong, Hankyung.com reporter, dong2@hankyung.com
Korea Economic Daily
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