WTI crude oil rose above $99 per barrel, as the market is troubled by uncertainty.

Oil prices are rising in the future market, with the American oil price benchmark West Texas Intermediate rising to over $99 per barrel, as uncertainty surrounding negotiations between the US and Iran and shipping conditions in the Strait of Hormuz has made the market tense. The international oil benchmark Brent crude has risen by 3.7% to $98.24 per barrel, while West Texas Intermediate has risen by 5% to $99.20 per barrel. Analysts at Shengbao Bank stated: "Although the initial ceasefire statement between the US and Iran led to a significant drop in geopolitical risk premiums and caused speculators who had misjudged the situation to close their long positions, the market has quickly refocused on the fundamental reality: the Strait of Hormuz remains restricted, and the global oil system has yet to fully recover."