U.S. Crude Prices Surge Despite Ceasefire Announcement

Benchmark U.S. crude prices increased by 6.8% to $100.79 per barrel early Thursday, even after a ceasefire announcement involving the United States, Iran, and Israel. According to NS3.AI, Brent crude surpassed $98 per barrel, while West Texas Intermediate exceeded $99. The average gas price in the U.S. reached $4.116 per gallon. Only four vessels navigated the Strait of Hormuz on Wednesday, and experts suggest that traffic is unlikely to improve without firm assurances of safe passage from Iran.