Oil hits highest level since US-Iran ceasefire began

News Agencies

The oil price has hit its highest level since the US and Iran agreed a ceasefire more than two weeks ago.

Brent crude traded as high as $107.48 a barrel this morning, its highest level since 7 April, the day when the US and Iran agreed to a conditional ceasefire.

The Brent crude oil price over the last three months
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The Brent crude oil price over the last three months Photograph: LSEG
That deal included a temporary reopening of the strait of Hormuz, after Donald Trump had threatened Iran with widespread destruction.

But with the strait still largely blockaged, and oil production in the region having more than halved since the war began (see earlier post), anxiety over the conflict is rising again today.

Brent crude had been trading around $72 a barrel before the war began, and hit $199.50 in early March.

Oil is up today despite Trump announcing last night that a ceasefire between Israel and Lebanon would be extended by three weeks.

But, when asked how long he was willing to wait for a long-term peace deal with Iran, Trump replied: “Don’t rush me”.