Oil prices surged above $100 per barrel as Iran continued to control access to the Strait of Hormuz despite a temporary ceasefire with the United States, according to market data and statements reported Thursday. U.S. crude rose more than 6%, reversing sharp losses from the previous day.
Iran is requiring ships to seek permission before passing through the strait, limiting free navigation. ADNOC CEO Sultan Ahmed Al Jaber criticized the move, calling it coercive control over a key global shipping route.
Dow sinks 100 points, oil nears $100 as Strait of Hormuz traffic remains limited https://t.co/APc5PZ3zZi pic.twitter.com/fB6U84MNYf
— New York Post (@nypost) April 9, 2026
Tensions remain high as both sides dispute the ceasefire terms. According to Iranian parliamentary speaker Mohammad Bagher Ghalibaf, the United States has violated parts of the agreement, including issues related to Lebanon, airspace incursions and uranium enrichment.
Vice President JD Vance acknowledged complications, stating ceasefires are often difficult to enforce. Continued uncertainty over access to the strait is fueling volatility in global energy markets.
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TIPP Staff
