Oil Prices Soar Amid US-Iran Ceasefire and Disruptions in Strait of Hormuz

Global crude oil prices have seen a significant surge following the announcement of a two-week ceasefire by US President Donald Trump amid heightened tensions between the US and Iran.

The Brent crude futures rose as much as 1.13 per cent to $97.01 per barrel, while US West Texas Intermediate (WTI) traded at $99.24 in early trade, up 1.39 per cent.

Oil prices had slipped to nearly 20 per cent below the $100-per-barrel mark on Wednesday but bounced back after concerns over disruptions in the Strait of Hormuz kept investors on edge.

The Asian Development Bank (ADB) has predicted that oil prices will likely remain elevated in the near term but could gradually stabilise if geopolitical tensions ease.