Crude oil prices spike over 5% as conflicting US-Iran signals cloud ceasefire prospects

Crude oil prices resumed their upward trajectory in Thursday’s trade (26 March) as traders grew increasingly sceptical about the prospects of a ceasefire between the US and Iran to end the month-long conflict that has triggered a global energy crisis and raised concerns over economic stability.

Brent crude rose 5.4% to $102.49 per barrel, compared with around $70 before the war began. Prices have rebounded nearly 10% from the previous session’s low of $93.45. Meanwhile, US benchmark crude gained 5.4% to $95.2 per barrel.