This photo taken on March 26, 2026 shows an oil tanker unloading crude at a port in Yantai in China’s eastern Shandong province.
CN-STR | AFP | getty images
Oil prices rose on Thursday after Iran accused the United States of violating elements of a two-week ceasefire agreement, raising concerns that tensions could flare up again and disrupt energy supplies.
International benchmark Brent crude futures for June delivery rose 2.52% to $97.14, while US West Texas Intermediate crude futures for May rose 2.72% to $96.96 a barrel.
The move comes a day after US crude oil recorded its biggest one-day decline since 2020.
Iran’s parliamentary speaker Mohammad Bagher Ghalibaf said on Wednesday that Washington had violated the terms of the ceasefire agreement.
“Our deep historical distrust of the United States stems from its repeated violations of all kinds of commitments – a pattern that has regrettably been repeated once again,” Ghalibaf said in a statement posted on social media.
Ghalibaf said three elements of Iran’s 10-point ceasefire proposal had been violated: Israel’s ongoing attacks in Lebanon, a drone entering Iranian airspace, and what he described as Tehran’s denial of the right to enrich uranium.
US President Donald Trump said on Tuesday that Iran’s proposal could become the basis for negotiations.
Vice President J.D. Vance responded to the allegations during a visit to Hungary on Wednesday. “Ceasefires are always in disarray,” Vance said, addressing the alleged drone incident in Iranian airspace. He said Washington says Iran should not be allowed to enrich uranium, and said no ceasefire covering Lebanon is included in the agreement.
Now that oil is below $100 a barrel, refiners “should use this window to resume more opportunistic buying,” said Janiv Shah, vice president of commodity markets at Rystad Energy.
“However, the transition period itself may present the next challenge. If refiners delay purchases in anticipation of further price declines while material flows remain disrupted, product shortages could worsen despite de-escalation,” he said.
