Oil Prices Jump Back up Near $100 a Barrel on Skepticism Over Fragile US-Iran Ceasefire

Source: US News & World Report/AP

April 9, 2026, at 12:47 a.m.


Oil prices skipped higher early Thursday and Wall Street veered toward modest losses on skepticism over a fragile and muddled ceasefire deal between the U.S. and Iran. Futures for the S&P 500 and Nasdaq each slid 0.4% before the opening bell, while futures for the Dow Jones Industrial Average dipped 0.5%.

The declines came one day after all three indices gained between 2.5% and 3% following U.S. President Donald Trump's announcement of a two-week ceasefire with Iran late Tuesday. Doubts about the durability of the ceasefire arose just hours after the announcement as a round of intense Israeli strikes on Lebanon killed and injured hundreds. Iran again closed the Strait of Hormuz in response to the attacks in Lebanon.

That sent oil prices climbing back toward $100 a barrel Thursday, reversing an earlier plunge on optimism over the temporary ceasefire agreement. Benchmark U.S. crude was 5.4% higher on Thursday at $99.44 a barrel. Brent crude, the international standard, rose 4.1% to $98.70 per barrel.

Uncertainties over global energy supply remained. The Strait of Hormuz, a chokepoint for energy transport where a fifth of the world’s oil typically passes, was largely closed even though the U.S. repeatedly demanded that it must be reopened.

Read more: https://www.usnews.com/news/us/articles/2026-04-09/oil-prices-rise-again-and-asian-stocks-retreat-on-the-fragile-iran-ceasefire