International oil prices advanced on Thursday with the West Texas Intermediate for May delivery hitting 100 U.S. dollars per barrel on the New York Mercantile Exchange during the trading session, as concerns about the U.S.-Iran ceasefire persist.
At the close of the trading session, the West Texas Intermediate for May delivery gained 3.46 dollars, or 3.66 percent, to settle at 97.87 U.S. dollars a barrel.
Brent crude for June delivery increased by 1.17 dollars, or 1.23 percent, to settle at 95.92 dollars a barrel on the London ICE Futures Exchange.
The surge was driven by investors' fading hope for resuming shipping traffic through the Strait of Hormuz.
On April 8, only five bulk carriers were tracked outbound through the strait, all transiting via a corridor controlled by Iran's Islamic Revolution Guards Corps (IRGC) rather than standard commercial routes.
Limited additional vessel movements were observed on April 9, mainly involving smaller vessels or Iran-linked operations.
Sources said that Iran halted oil tanker traffic in the Strait of Hormuz after Israel attacked Lebanon.
Iran's Parliament Speaker Mohammad Bagher Ghalibaf said on Wednesday in a post on X that even before the negotiations began, three clause of Iran's 10-point proposal had been violated.
Late on Tuesday night, as the world braced for possible U.S. strikes on Iran, U.S. President Donald Trump announced a two-week "double sided ceasefire," as Tehran agreed to "the complete, immediate and safe opening" of the Strait of Hormuz.
In an interview with the media, Trump hailed the agreement as a "total and complete victory," saying that Iran's uranium would be "perfectly taken care of" under the ceasefire deal.
Following Trump's announcement, Iran's Supreme National Security Council quickly issued a statement confirming the ceasefire.
Iran has achieved a "great victory" and "forced" the United States to accept its 10-point plan, which includes controlled passage through the Strait of Hormuz and the necessity of ending the war against all elements of the "axis of resistance," said the statement.
Oil prices hit 100 dollars per barrel as concerns about US-Iran ceasefire persist
European Union (EU) foreign policy chief Kaja Kallas said on Thursday that Israel's latest strikes on Lebanon, which killed hundreds overnight, did not fall within self-defense.
"Israel's right to defend itself does not justify inflicting such massive destruction," Kallas said in a post on social media platform X.
She warned that the strikes risk further destabilizing the region, and that Israel's actions were putting the U.S.-Iran ceasefire under severe strain.
The United States and Iran announced a two-week ceasefire on Tuesday evening, less than two hours before a deadline set by Washington in the morning. Israel said it accepts the truce but will continue fighting in Lebanon against Hezbollah.
Kallas noted that the ceasefire should be extended to Lebanon.
So far, the Israeli strikes on Wednesday across Lebanon had killed at least 303 people and injured 1,150 others, with densely populated neighborhoods in the capital of Beirut among the hardest hit, the Lebanese Health Ministry said on Thursday.
Lebanese Prime Minister Nawaf Salam announced Wednesday that Thursday would be observed as a national day of mourning for the victims and injured in Israeli attacks that targeted hundreds of civilians.
All public administrations, institutions and municipalities would close, national flags would be lowered to half-staff, and radio and television broadcasts would be adjusted to reflect the national mourning, according to the prime minister.
He said that he had remained in contact with Arab leaders and international officials to step up Lebanon's political and diplomatic efforts aimed at halting the Israeli attacks.
Meanwhile, regional countries and international organizations have strongly condemned the deadly Israeli airstrikes on Lebanon and called for an immediate cessation of hostilities.
During a phone call with Lebanese President Joseph Aoun on Thursday, Jordan's King Abdullah II underscored the need to halt Israeli aggression against Lebanon and the targeting of civilians.
The king also stressed the importance of stepping up international efforts to put an end to the aggression against Lebanon.
Pakistan, acting as a mediator in a U.S.-Iran ceasefire, also condemned the strikes, calling them a violation of international law and humanitarian principles.
Speaking by phone with the Lebanese president, Pakistani Prime Minister Shehbaz Sharif strongly condemned Israel's ongoing aggression against Lebanon and expressed condolences over the loss of thousands of precious lives in the hostilities.
Russia also strongly condemns Israel's latest airstrikes on Lebanon, Russian Foreign Ministry spokesperson Maria Zakharova said Thursday.
Zakharova noted that such aggressive actions threaten to derail the emerging negotiation process and increase the risk of a resumption of large-scale armed confrontation in the Middle East.
Zakharova said that Russia advocates for an immediate ceasefire in the Israeli-Lebanese conflict zone and a return to the focus of political and diplomatic efforts, including ensuring the full implementation of UN Security Council Resolution 1701.
Austria's foreign ministry on Thursday called on Israel to immediately stop its military operations against civilian targets and infrastructure in Lebanon.
Turkish Foreign Minister Hakan Fidan also said on Thursday that the Middle East ceasefire should include Lebanon at a news conference alongside his Syrian counterpart Asaad Hassan al-Shibani in Ankara.
Israeli strikes on Lebanon do not fall within self-defense: EU foreign policy chief
