Oil prices surge again due to tensions in the Strait of Hormuz and fear of truce violation

(Patria) - Oil prices jumped by more than five percent today, fueled by fears that the fragile truce between the US and Iran could be violated, after the US seized an Iranian cargo ship, and traffic through the Strait of Hormuz largely remained suspended.

Oil prices rose today on international markets above 94 dollars, with renewed tensions in the Strait of Hormuz, reflecting investors' hopes that crude oil supply could normalize soon.

In the London market, a barrel of oil was traded this afternoon at a price of 94.45 dollars, which is 4.07 dollars more than at the close of trading at the end of last week.

In the American market, a barrel was more expensive by 4.05 dollars and cost 87.90 dollars.

The end of last week's market sentiment was marked by Iran's announcement about the opening of the Strait of Hormuz. Tehran reiterated that Lebanon's inclusion in the US-Iranian truce is a condition for talks with Washington that led to a 10-day truce.

On Thursday evening, US President Donald Trump announced that Lebanon and Israel had reached an agreement to suspend hostilities, initially for a period of 10 days, to facilitate peace talks.

Trump wrote on the social network Truth Social after the announcement by the head of Iranian diplomacy that Hormuz is "completely open", but added a few hours later that the US will continue the naval blockade of Iran.

Tehran warned the US that it was violating the truce and on Saturday officially closed the strait again, through which a fifth of the world's crude oil passes.

The United States announced that it is sending a delegation to Pakistan for a new round of talks with Iran, but Tehran responded that, as things stand, it does not intend to participate.

The situation is worrying, especially on the eve of the expiration of the 10-day truce tomorrow, and opens the door to a new cycle of conflict in the Persian Gulf and rising oil prices, analysts assess.