{"id":111706,"date":"2026-05-08T12:11:27","date_gmt":"2026-05-08T07:11:27","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=111706"},"modified":"2026-05-08T12:14:36","modified_gmt":"2026-05-08T07:14:36","slug":"crude-oil-jumps-40-amid-post-ceasefire-uncertainty","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/crude-oil-jumps-40-amid-post-ceasefire-uncertainty\/","title":{"rendered":"Crude oil jumps 40% amid post-ceasefire uncertainty"},"content":{"rendered":"

WASHINGTON: The global oil market has come under severe pressure after clashes between the US and Iran in the Strait of Hormuz<\/a>, which has seen a significant increase in crude oil prices.<\/p>\n

On the other hand, global stock markets have also fallen, with the price of international benchmark Brent crude oil rising by 7.5% during a volatile trading session on Thursday, but it saw some decline when Asian markets opened.<\/p>\n

Brent was at $101.12 a barrel at 03:00 GMT on Friday, below the day’s high of $103.70.<\/p>\n

The increase came as US and Iranian forces exchanged fire in the Strait of Hormuz, a key shipping route for about a fifth of the world’s oil and gas.<\/p>\n

The tensions come at a time when a temporary ceasefire was announced between the two countries on April 7.<\/p>\n

According to the US Central Command, US forces retaliated after three US warships were attacked by Iranian missiles, drones, and small boats.<\/p>\n

On the other hand, Iran\u2019s Khatam al-Anbiya Command Center has accused the US of violating the ceasefire by targeting an Iranian oil tanker and other ships.<\/p>\n

Iran further claimed that the US attacks also damaged civilian areas, including Qeshm Island.<\/p>\n

US President Donald Trump dismissed the clashes as minor, saying that the ceasefire was still in place, while Iranian state media reported that the situation had returned to normal.<\/p>\n

Meanwhile, shipping activities in the Strait of Hormuz have been almost suspended since late February, as fears of Iranian attacks threaten the movement of large oil tankers.<\/p>\n

Globally, Brent oil prices have increased by about 40 percent compared to before the war, which is also estimated to have reduced daily production by 14.5 million barrels.<\/p>\n

Asian stock markets, on the other hand, remained bearish on Friday, with Japan’s Nikkei 225, South Korea’s Kospi and Hong Kong’s Hang Seng Index all down more than 1%.<\/p>\n

On Wall Street, the S&P 500 Index also fell 0.4%, despite hitting a record high a day earlier.<\/p>\n

Petrol prices are reportedly going to be increased by Rs4.75 per liter in the next round of\u00a0fuel prices<\/a>; however, there will probably not be an increase in the price of high-speed diesel (HSD).<\/p>\n

Expected Fuel Prices<\/strong><\/span><\/h3>\n
\n
\n\n\n\n\n\n
Fuel Type<\/th>\nCurrent Price<\/th>\nExpected Price<\/th>\nExpected Change<\/th>\n<\/tr>\n<\/thead>\n
Petrol<\/td>\nRs270.03\/litre<\/td>\nRs274.77\/litre<\/td>\n+Rs4.75<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON: The global oil market has come under severe pressure after clashes between the US and Iran in the Strait of Hormuz, which has seen a significant increase in crude oil prices. On the other hand, global stock markets have also fallen, with the price of international benchmark Brent crude oil rising by 7.5% during […]<\/p>\n","protected":false},"author":29,"featured_media":111707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[7160,41847],"class_list":["post-111706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crude-oil","tag-post-ceasefire"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/111706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=111706"}],"version-history":[{"count":3,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/111706\/revisions"}],"predecessor-version":[{"id":111711,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/111706\/revisions\/111711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/111707"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=111706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=111706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=111706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}