Oil prices jump 5.5% as Iran alleges U.S. broke ceasefire deal

New York.- West Texas Intermediate (WTI) crude oil jumped 5.51% on Thursday to US$99.61 per barrel after Iran accused the United States of violating parts of a two-week ceasefire agreement, fueling renewed concerns over stability in the Middle East.

The rebound follows Wednesday’s sharp 16.41% drop—WTI’s largest single-day decline since 2020—when prices fell to US$94.41 on the first day of the ceasefire amid mixed reports over the reopening of the Strait of Hormuz.

Market uncertainty intensified after Iran’s parliament speaker, Mohammad Baqer Qalibaf, alleged Washington breached the truce, while continued violence involving Israel in Lebanon and shipping restrictions through the Strait of Hormuz added pressure to global oil markets. U.S. Vice President JD Vance said ceasefires are “always complicated” while downplaying the clashes.