Oil prices up 4% on uncertain Iran-US ceasefire prospects

Oil prices jumped four percent Thursday after Iran vowed not to reopen the Strait of Hormuz so long as a US naval blockade remained in place despite a ceasefire extension.

At around 0025 GMT, the benchmark US oil contract West Texas Intermediate (WTI) climbed 4.06 percent to $96.73 per barrel. International oil benchmark Brent North Sea crude rose 3.62 percent to $105.63. Both eased back in the following minutes.