Oil Prices Surge 5% Amid U.S.-Iran Ceasefire Tensions

Oil prices increased by 5% to $95 per barrel due to concerns over the potential collapse of the U.S.-Iran ceasefire. The U.S. seized an Iranian cargo ship attempting to breach a naval blockade, causing fears of resumed hostilities.

Brent crude futures for Nigeria's oil benchmark advanced by 4.61% to $95.1 per barrel, while U.S. West Texas Intermediate (WTI) rose by 4.33% to $88.1 per barrel.

The ceasefire, which began on April 7, is set to expire on Wednesday, and President Donald Trump stated that extending it is highly unlikely. The U.S. is also in discussions with the UAE regarding a potential financial lifeline amid concerns that the conflict could severely impact the UAE's economy.

Senior Iranian officials indicated that Iran does not plan to attend peace talks with the U.S. in Pakistan, further complicating the situation.