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Oil prices nudged up on Thursday while global equities lost momentum, as investors questioned whether a fragile U.S.-Iran ceasefire could hold and secure shipping through the Strait of Hormuz.
Brent crude climbed 0.5% to $96.9 per barrel by 6:15 a.m. GMT, while U.S. benchmark WTI rose more than 1% to $97.5. The rebound follows a sharp drop a day earlier, when optimism around a temporary halt in the war briefly lifted market sentiment.
Asian stock markets pulled back after the previous session’s surge. Japan’s Nikkei 225 slipped 0.7%, while South Korea’s Kospi dropped 1.6%. Hong Kong’s Hang Seng fell 0.4% and China’s Shanghai Composite declined 0.8%.
Futures tied to Europe’s Stoxx 50 hold flat, while futures of all major U.S. indices turn lower after Wednesday’s rally, pointing to a broader cooling in risk appetite.
Precious metals showed limited movement. Gold stood at $4,718 per ounce and silver at $74, while palladium and platinum edged down to $1,530 and $1,990, respectively. Cryptocurrency markets also softened, with bitcoin down 1.3% at $70,900 and Ethereum sliding 3% to $2,180.
Markets had rallied sharply on Wednesday after U.S. President Donald Trump announced a two-week halt in the war, alongside signals from Iran that the Strait of Hormuz would reopen during negotiations.
That optimism started to unravel within hours. Israeli officials indicated the truce did not extend to ongoing operations against Iran-backed Hezbollah in Lebanon, maintaining pressure along the northern front. U.S. Vice President JD Vance underscored that point, warning that any collapse in negotiations over Lebanon would be Iran’s decision, as the issue was never included in the ceasefire terms.
Tehran pushed back, arguing that continued attacks breached the agreement. Reports also pointed to renewed disruptions in the Strait of Hormuz, though Iran later outlined alternative maritime routes due to risks from sea mines.
Iran’s parliament speaker Mohammad Bagher Ghalibaf argued that the basis for negotiations had already been undermined, calling further talks unreasonable under current conditions.
Still, diplomatic channels remain open. Iran’s ambassador to Pakistan, Reza Amiri Moghadam, confirmed that an Iranian delegation is set to arrive in Islamabad on Thursday night for discussions with the United States.
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