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Oil prices jumped as much as 4% on Thursday, with international benchmark Brent surging above $100 per barrel again after Iran vowed not to reopen the Strait of Hormuz as long as a U.S. naval blockade remains in place.
In early trading, Brent reached $105 while WTI tested $96.7 per barrel, before retreating to $102.8 and $93.8 per barrel, respectively, as of 6 a.m. GMT.
Major Asian exchanges opened lower on Thursday, except for South Korea’s Kospi, which rose 0.8%. Japan’s Nikkei 225 hit an all-time high above 60,000 in early trading before slipping 0.8%, while Hong Kong’s Hang Seng declined 0.9% and China’s Shanghai Composite fell 0.5%.
Futures for the pan-European Stoxx 50 fell 0.7%, with similar losses seen across major U.S. index futures.
Gold slipped 0.7% to $4,700, while silver dropped 2% to $76.1 per ounce. Palladium and platinum also lost around 2%, falling to $1,500 and $2,020, respectively.
Bitcoin edged up 0.5% to $78,310, while Ethereum fell 1.4% to around $2,360, with the total cryptocurrency market cap down 0.2%.
Following U.S. President Donald Trump’s decision to extend the two-week ceasefire indefinitely to allow room for a second round of talks in Islamabad, Iran said Wednesday that "breach of commitments, blockade, and threats" remain key obstacles to genuine talks with the United States, as tensions persist despite the temporary ceasefire.
President Masoud Pezeshkian said Tehran continues to support dialogue but accused Washington of contradictory actions, while Parliament Speaker Mohammad Bagher Qalibaf argued that any ceasefire is meaningless if a naval blockade remains in place. He also said reopening the Strait of Hormuz is not possible under the ongoing violations.
Meanwhile, Iran has escalated pressure in the Strait of Hormuz, seizing at least two ships and firing on others, according to media reports.
U.S. media also reported that the Pentagon believes Iran may have deployed more than 20 naval mines in the area, complicating efforts to secure the key waterway, which could take six months to clear.
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