Crude Oil Prices Today: Why Are US WTI & Brent Crude Rising On April 9 As West Asia War Continues?

Crude oil prices climbed back on Thursday, after falling sharply by 15-20% in the previous session. The latest rally is fueled by the uncertainty in the US-Iran ceasefire deal after Israel continued to carry its attacks on Hezbollah in Lebanon. IRGC claims that halting any military actions in Lebanon was part of two-weeks ceasefire plan, but Israel and US state that Hezbollah and Lebanon were not included in the truce plan. This keeps global conditions fragile and uncertain and hence further boosts crude oil prices.

Crude Oil Prices:

Both US WTI crude futures and Brent Crude are rallying by 2-3% currently. The oil prices are trading near their day's high.

What Is Driving Oil Prices Today?

The oil prices jumped after Israel's attack on Lebanon, which renews investors fear.

Israeli strikes on Lebanon raised doubts about the durability of a fragile Middle East ceasefire, while the Strait of Hormuz remains largely obstructed. Iranian media reported that oil tanker traffic through the strait had been suspended following the attacks, amid disputes between Tehran and the American-Israeli side over whether the truce extends to Lebanon. A senior Iranian official also stated that three provisions of the ceasefire agreement have already been breached, as per Trading Economics.

Israeli Prime Minister Benjamin Netanyahu said, "Israel supports President Trump's decision to suspend strikes against Iran for two weeks subject to Iran immediately opening the straits and stopping all attacks on the US, Israel and countries in the region."

But in another separate post, he also added, "The United States has told Israel that it is committed to achieving these goals, shares by the US, Israel and Israel's regional allies, in the upcoming negotiations. The two-week ceasefire does not include Lebanon."

Meanwhile, US vice president JD Vance has confirmed that Lebanon is not part of the ceasefire plan. On April 8, while speaking to reporters in Budapest, Vance said, "I think the Iranians thought the ceasefire included Lebanon, and it just didn't."

On the other hand, Iran's Foreign Minister Seyed Abbas Araghchi said, "The Iran-U.S. Ceasefire terms are clear and explicit: the U.S. must choose-ceasefire or continued war via Israel. The world sees the massacres in Lebanon. The ball is in the U.S. court, and the world is watching whether it will act on its commitments."

US WTI Crude Oil Price:

At the time of writing, US WTI Crude oil jumped nearly 2.6% to trade around $96.88 per barrel, which is closer to its intraday high of $98.36 per barrel.

Brent Crude Price Today:

Similarly, Brent Crude jumped by over 2.2% to trade above $96.86 per barrel, which is also near its day's high of $97.96 per barrel.