Oil climbs on ceasefire strains

April 09, 2026 (MLN): Global oil prices edged higher on Thursday as fresh tensions between Iran and the United States sparked fears of renewed instability that could impact energy supplies.

The uptick follows a sharp sell-off in the previous session, when U.S. crude recorded its steepest single-day decline since 2020.

Currently, Brent crude futures are up by $4.08, or 4.39%, to $97.06 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures increased by $3.18, or 3.37%, to $97.59 per barrel by [09:48 am] PST.

The market reaction came after Iranian parliamentary speaker Mohammad Bagher Ghalibaf accused Washington of breaching key provisions of a recently agreed two-week ceasefire framework.

In a statement shared on social media, he criticized what he described as a recurring pattern of broken commitments by the U.S., reinforcing Tehran’s long-standing mistrust.

Ghalibaf outlined three alleged violations of the proposed truce: continued Israeli military activity in Lebanon, an unauthorized drone incursion into Iranian airspace, and opposition to Iran’s right to pursue uranium enrichment.

These claims have added uncertainty to the already fragile diplomatic environment.

Earlier, U.S. President Donald Trump indicated that Iran’s proposal could provide a foundation for broader negotiations.

However, U.S. Vice President JD Vance, speaking during an official visit to Hungary, downplayed the accusations, noting that ceasefire agreements often face complications in early stages, as reported by CNBC.

He also reiterated Washington’s stance against Iran’s nuclear enrichment ambitions and clarified that the ceasefire did not extend to Lebanon.

Despite the geopolitical friction, a potential opportunity for buyers in the current price environment.

According to Rystad Energy, refiners may take advantage of oil prices hovering below the $100 per barrel mark to secure more favorable deals.

However, caution that hesitation in procurement could create short-term supply imbalances.

If refiners delay purchases expecting further price drops while actual supply remains tight, it could lead to increased pressure on refined product availability even in a scenario of easing tensions.

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