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Oil prices traded marginally higher on Tuesday, June 9, as investors remained cautious over the durability of the ceasefire between Iran and Israel, even after both sides signalled a pause in direct hostilities following intervention from US President Donald Trump.
Brent crude futures rose 0.14% to $94.38 a barrel, while US West Texas Intermediate (WTI) crude gained 0.12% to $91.41 a barrel in early trade.
The gains came after a volatile session on Monday, when oil prices jumped as much as 5% after renewed Israeli strikes on Iran and attacks in Lebanon dented hopes of a quick end to the wider regional conflict. However, crude prices pared much of those gains after Iran's armed forces announced the end of military operations against Israel.
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Markets remain unconvinced that the latest pause in hostilities will lead to a lasting peace. Iran and Israel have both signalled a halt to direct attacks following an appeal from US President Donald Trump. However, Tehran warned it could resume strikes if Israel continues targeting Hezbollah in Lebanon.
Israeli Prime Minister Benjamin Netanyahu has also said Israel would respond with force to any future Iranian attack. Trump, meanwhile, told Axios that he had warned Netanyahu against reigniting the conflict, saying Israel could find itself fighting alone if it returned to war with Iran.
Attention is also turning to the Strait of Hormuz, through which roughly one-fifth of global oil supplies passed before the conflict escalated earlier this year. Reopening the strategic waterway remains one of Washington's key demands in ongoing peace talks with Tehran.
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Meanwhile, the US military said on Monday it had disabled an unladen oil tanker in the Gulf of Oman after it attempted to sail to an Iranian port in violation of the existing blockade on Iran.
With inputs from Reuters.
Brent crude futures rose 0.14% to $94.38 a barrel, while US West Texas Intermediate (WTI) crude gained 0.12% to $91.41 a barrel in early trade.
The gains came after a volatile session on Monday, when oil prices jumped as much as 5% after renewed Israeli strikes on Iran and attacks in Lebanon dented hopes of a quick end to the wider regional conflict. However, crude prices pared much of those gains after Iran's armed forces announced the end of military operations against Israel.
Read more: Asian stocks snap three-day losing streak as Kospi jumps 4.4%, West Asia tensions ease
Markets remain unconvinced that the latest pause in hostilities will lead to a lasting peace. Iran and Israel have both signalled a halt to direct attacks following an appeal from US President Donald Trump. However, Tehran warned it could resume strikes if Israel continues targeting Hezbollah in Lebanon.
Israeli Prime Minister Benjamin Netanyahu has also said Israel would respond with force to any future Iranian attack. Trump, meanwhile, told Axios that he had warned Netanyahu against reigniting the conflict, saying Israel could find itself fighting alone if it returned to war with Iran.
Attention is also turning to the Strait of Hormuz, through which roughly one-fifth of global oil supplies passed before the conflict escalated earlier this year. Reopening the strategic waterway remains one of Washington's key demands in ongoing peace talks with Tehran.
Also read: SpaceX IPO is well oversubscribed as per reports; Here's a timeline to its listing
Meanwhile, the US military said on Monday it had disabled an unladen oil tanker in the Gulf of Oman after it attempted to sail to an Iranian port in violation of the existing blockade on Iran.
With inputs from Reuters.
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