Brent gains 2% amid uncertain truce

Oil drilling rigs

Oil prices rose today, April 9, amid growing concerns about continued restrictions on energy flows through the Strait of Hormuz, due to doubts surrounding a ceasefire between the United States and Iran.

Brent crude was trading up 2.15% at $96.78 a barrel, at 09:00 am Makkah time. West Texas Intermediate (WTI) rose 3.15% to $96.27 a barrel.

Standard Chartered Bank said that security concerns, higher insurance costs and operational constraints will limit additional energy supplies through the strait over the next two weeks, Reuters reported.

Goldman Sachs maintained its Brent crude price forecasts at $82 and $80 for the third and fourth quarters respectively, while lowering its second-quarter forecast to $90, arguing that the "risk premium" was gradually shrinking with a slight increase in inflows.