Global oil prices rose again as concerns grew over whether the fragile ceasefire between the United States and Iran would hold, following Israel's launch of a wave of attacks against Lebanon. Brent crude oil increased by about 4% in trading, reaching over $98 per barrel on Thursday.
Oil prices had fallen sharply on Wednesday by 13% after the announcement of a ceasefire agreement, which also included the reopening of the main waterway of the Strait of Hormuz.
However, reports that Iran would keep the crucial maritime transport route closed due to Israeli attacks have reignited fears of a prolonged disruption in energy supply.
One of the conditions of the ceasefire agreement was that ships would be able to safely use the Strait of Hormuz. Nevertheless, ships in the Persian Gulf have received a warning from the Iranian navy that if they pass without permission, they will be targeted and destroyed.
Only a small number of ships managed to pass through the waterway when the agreement was announced, far below the level of 130 ships transiting daily before the war.
According to maritime tracking companies, even in the best-case scenario, it will take several weeks to move the blocked oil and gas cargoes and several months for global trade to approach pre-crisis levels.