Oil rises above USD 97 as Asian markets fall on Iran-US ceasefire doubts

Oil prices rose again to above USD 97 a barrel while Asian stocks traded lower on Thursday amid scepticism over a fragile ceasefire between the United States and IranInvestors were closely watching whether the twoweek ceasefire between the United States and Iran was already slipping after a round of deadly Israeli strikes on Lebanon that killed and injured hundreds Iran again closed the Strait of Hormuz in response to the attacks in LebanonTokyorsquos Nikkei 225 dropped 09per cent to 5582430 while South Korearsquos Kospi lost 16per cent to 577603Hong Kongrsquos Hang Seng fell 04per cent to 2580187 and the Shanghai Composite index was down 07per cent to 396570Australiarsquos SampPASX 200 edged down 01per cent while Taiwanrsquos Taiex was also 01per cent lowerUS futures were down more than 01per centOil prices rose on Thursday reversing an earlier plunge driven by optimism over the temporary ceasefire agreement Brent crude the international benchmark was up 24 per cent at USD 9702 per barrel It had previously fallen briefly to below USD 92 a barrel following the ceasefire announcementBenchmark US crude rose 33per cent to USD 9750 per barrelUncertainty over global energy supply persisted The Strait of Hormuz a key chokepoint for energy transport through which about a fifth of the worldrsquos oil typically passes remained largely closed even as the US repeatedly demanded that it be reopenedTalks to pursue a permanent end to the war could take place as early as Friday in Pakistan with US Vice President JD Vance expected to lead the American negotiating teamWall Street closed higher on Wednesday following US President Donald Trumprsquos announcement of a twoweek ceasefire with Iran late TuesdayThe SampP 500 jumped 25per cent to 678281 The Dow Jones Industrial Average rose 29per cent to 4790992 while the Nasdaq Composite gained 28per cent to 2263500Amid renewed hopes of deescalation shares of United Airlines surged 79per cent on Wednesday American Airlines rose 56per cent and cruise operator Carnival Corporation jumped 112per cent trimming earlier losses linked to rising fuel costsIn other trading gold and silver prices declined Gold fell 07per cent to USD 474320 per ounce while silver dropped 16per cent to USD 7418 per ounceThe US dollar rose to 15866 Japanese yen from 15857 yen while the euro was trading at USD 11668 up from USD 11663This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever