Global Markets React to Unstable Iran Ceasefire as Oil Prices Climb

Thu, 09 Apr 2026 13:41:00 +0200

Oil prices surged above $97 a barrel on Thursday amid renewed instability in the Middle East, following skepticism surrounding a fragile two-week ceasefire between the United States and Iran. The concerns grew after a series of heavy Israeli strikes on Lebanon that killed and injured hundreds, prompting Iran to once again shut down the Strait of Hormuz—a vital passageway for roughly 20% of the world’s oil supply. This closure reignited fears about global energy disruptions despite U.S. demands to reopen the waterway. Asian stock markets mostly fell in response to the uncertainty: Tokyo’s Nikkei 225 dropped 0.7%, South Korea’s Kospi sank 1.6%, and Hong Kong’s Hang Seng fell 0.4%. The Shanghai Composite also lost 0.7%, while Australia’s S&P/ASX 200 barely edged up 0.2%. U.S. crude rose 3.1% to $97.30 a barrel, while Brent crude increased 2.4% to $97.03 per barrel, reversing earlier declines sparked by optimism surrounding the temporary ceasefire. ING Bank analysts highlighted the continu