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Oil prices rose slightly in early trade on Tuesday as investors, cautious about the fragile Middle East peace process, awaited clarity following the latest halt in Iran-Israel attacks.
Brent crude futures edged up 13 cents to $94.38 a barrel, while U.S. West Texas Intermediate gained 11 cents to reach $91.41 a barrel.
Market analysts note that while the pause in direct strikes provides temporary relief, energy traders are pricing in continued geopolitical uncertainty rather than a lasting resolution.
Prices had spiked as much as 5 per cent in the previous session after renewed Israeli strikes on Iran and operations in Lebanon dampened hopes of an imminent ceasefire.
The market only pared those gains after Iran’s armed forces announced an end to their military operations against Israel.
Both nations agreed to stop shooting following an urgent appeal from U.S. President Donald Trump, though Tehran threatened to resume strikes if Israel continues to hit Hezbollah in Lebanon.
Meanwhile, Israeli Prime Minister Benjamin Netanyahu promised a forceful response to any future Iranian aggression, even as Trump warned Netanyahu that Israel might find itself fighting alone if it restarts the war.
Washington continues to press Tehran to reopen the crucial Strait of Hormuz, which handled a fifth of the world’s oil supply before U.S. and Israeli airstrikes crippled the region in February.
This unstable energy landscape has forced international observers, including the Nigerian government, to closely monitor global supply lines as the U.S. military enforces a strict blockade in the Gulf of Oman.
