Oil Prices Rise Despite US-Iran Ceasefire Extension
A petrol pump attendant picks up a nozzle to refuel a vehicle at an Indian Oil fuel station in Varanasi on March 10, 2026. The oil price spike caused by the war in the Middle East has sparked exasperation at petrol pumps around Asia, where many economies are heavily dependent on fossil fuel imports. (Photo by Niharika KULKARNI / AFP)
Global oil prices climbed higher, with Brent crude approaching the $100 per barrel mark, despite the extension of the ceasefire between the United States and Iran.
Market analysts say the ceasefire has done little to ease investor concerns, as geopolitical tensions in the Middle East remain unresolved and continue to threaten oil supply routes.
A key factor driving the price increase is the ongoing disruption in the Strait of Hormuz, a critical transit route for global oil shipments, where vessel movement remains constrained amid security risks.
Reports of attacks on ships and heightened military activity in the region have further escalated fears of supply shortages, pushing prices upward.
Although the ceasefire extension signaled a possible path to de-escalation, uncertainty surrounding peace negotiations and continued restrictions on oil flows have kept markets on edge.
Experts note that the oil market remains highly sensitive to geopolitical developments, with even minor disruptions capable of triggering significant price swings.
The sustained rise in oil prices is expected to have broader economic implications, including increased fuel costs and inflationary pressures globally.
Analysts warn that unless a lasting resolution is reached, oil prices could remain volatile in the coming weeks.
