Oil Prices Climbs Again Amidst Ongoing US-Israel, Iran War

Oil prices rockets again due to uncertainty over the ceasefire in the US-Israel war on Iran.

The sharp increase occured,after U.S. President Donald Trump on Thursday said Washington was ready to strike Iran if the country did not agree to a peace deal.

In Asian trade, Brent oil future rises 0.6% to $105.61 per barrel, while West Texas Intermediate crude futures rises to 0.8% to $94.77 per barrel.

Although, prices had a sharp drop on Wednesday, Both Brent crude and West Texas Intermediate (WTI) tumbled by roughly 5% to 6%, due to U.S. President Donald Trump's announcement that peace negotiations with Iran were in the final stages, which eased fears of prolonged Middle Eastern supply disruptions.

But Trump also says that he is willing to wait on more military action, having earlier flagged progress in negotiations with Tehran.

Separately, Iranian media reports shows the country is reviewing the latest U.S. response to its peace proposal.

Iran warns against further attacks and announces steps regaining its control of the crucial Strait of Hormuz waterway, which before the war carried oil and liquefied natural gas shipments equal to about 20 per cent of global consumption but has been mostly closed.

However, if Trump insists on making no yield to Iran, an agreement seems unlikely, and the final outcome of the negotiations could reverse ⁠sharply.

Iran announced a new "Persian Gulf Strait Authority," saying there would be a "controlled maritime zone" in the Strait of Hormuz.