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Economy
Oil prices surged past $100 a barrel on Thursday, with WTI crude jumping 5% in flash trading, crossing the threshold for the first time since the latest US-Iran ceasefire. Markets are gripped by uncertainty over the truce's durability on its second day, amid fears of a collapse in initial understandings. The crisis deepened as the Strait of Hormuz remains nearly paralyzed, disrupting the key global energy artery and fueling supplier panic over supply chain continuity. This price spike adds fresh pressure on global inflation, signaling that markets remain cautious, awaiting stable indicators on the ceasefire's longevity and the security of maritime trade routes.
US oil prices recorded a dramatic jump on Thursday, with West Texas Intermediate (WTI) crude surpassing the $100 barrier for the first time since the latest ceasefire took effect.
According to the British Financial Times, prices rose by 5% in flash trading, driven by complex geopolitical factors, most notably:
Oil reaching this price level represents new pressure on global inflation and signals that markets are still treating developments on the ground with great caution, awaiting more stable indicators regarding the continuation of the cessation of hostilities and the securing of maritime trade routes.
