Crude oil prices are up 5% and back near $100 U.S. a barrel after plunging 15% the day before after the U.S. and Iran announced a two-week ceasefire.
The international benchmark, Brent crude oil, is trading at $98.00 U.S. a barrel on April 9, while U.S. West Texas Intermediate (WTI) crude is trading at $99.42 U.S. per barrel.
The move higher comes a day after U.S. crude oil posted its biggest one-day drop since the Covid-19 pandemic struck in 2020. At one point crude prices were own 18%.
Analysts say crude oil prices are rising again as both the U.S. and Iran accuse each other of violating the ceasefire and with the truce appearing increasingly fragile.
There are also ongoing concerns about shipments through the Strait of Hormuz, where 20% of the world's crude typically flows.
U.S. President Donald Trump insists that the waterway is reopened to commercial ships, but Iran is charging as much as $2 million U.S. for safe passage through the Strait and insisting that it be paid in cryptocurrencies.
Commodities analysts note that it will likely take months to clear the backlog of ships through the Strait of Hormuz once it is truly opened to tankers and other commercial ships.
In the meantime, some countries in Asia and Europe are starting to raise alarms about oil shortages and warning of a looming energy crisis.
In the U.S., gasoline prices continue to increase, with motorists in most states now paying more than $4 U.S. a gallon at the pumps.
COMTEX_476919958/2797/2026-04-09T11:31:01