Oil prices surged Thursday as Iran vowed to keep the Strait of Hormuz closed while a US naval blockade remained in place, despite Washington’s ceasefire extension.
At 00:25 GMT, US benchmark West Texas Intermediate (WTI) rose 4.06 percent to $96.73 a barrel. Brent North Sea crude gained 3.62 percent to $105.63. Both eased back in the following minutes.
Traders said prices continue to swing on uncertainty over whether hostilities will resume.
