BEIJING, April 9 - U.S. crude futures rose on Thursday morning after the market had recorded its largest one-day fall since April 2020 in the previous trading session, a move that followed news that U.S. President Donald Trump had agreed to a two-week ceasefire with Iran.
U.S. West Texas Intermediate (WTI) crude climbed $2.68, or 2.84%, to $97.09 a barrel at 2218 GMT, reversing part of the heavy losses seen earlier.
Market participants were also processing intense developments on the ground in the Middle East. Israel launched what were described as its heaviest strikes yet on Lebanon on Wednesday, an escalation that reportedly killed hundreds of people and prompted a threat of retaliation from Iran.
Iran reacted strongly to the strikes and to the broader dynamics surrounding the ceasefire. Tehran suggested it would be "unreasonable" to continue talks aimed at negotiating a permanent peace deal with the United States in light of recent events. Iran's parliament speaker further asserted that Israel had already breached several terms of the ceasefire by intensifying its parallel campaign against the Iran-aligned militia Hezbollah. At the same time, the speaker accused the United States of violating the agreement by demanding that Iran abandon its nuclear ambitions.
The combination of a short-term diplomatic pause announced by the U.S. president and the on-the-ground escalation in Lebanon left oil markets seeking direction. Traders weighed the temporary lull implied by a two-week ceasefire against the potential for renewed violence and diplomatic fallout after some of the region's most serious strikes to date.
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In this unsettled environment, oil prices remain sensitive to short-term diplomatic developments and the immediate military actions unfolding in the region, even as market participants monitor whether the two-week ceasefire will hold or be undermined by further incidents.