Oil again to $97 a barrel and shares nervy as ceasefire comes underneath stress – MARKETS LIVE

On Apr 9, 2026

By ANGHARAD CARRICK, BUSINESS NEWS EDITOR

Updated: 08:05, 9 April 2026

The ceasefire between Iran, the US and Israel is looking increasingly fragile barely 24 hours after it was announced.

Iran has accused the US of violating the deal by allowing Israel to continue striking Hezbollah in Lebanon, but the White House insists Lebanon was never part of the deal.

Trump, who hailed a ‘golden age’ for the Middle East yesterday, has now returned to threatening strikes on Iran.

He warned that if a deal is not reached, then the US response will be “bigger, and better, and stronger than anyone has ever seen before.’

Since dropping to as low as $91 a barrel on Wednesday, brent crude prices are back to around $97 this morning

Stock markets soared after news of the ceasefire yesterday, but Asian markets were back in the red overnight on fears that the peace deal is already in tatters.

Futures suggest the FTSE 100 could cling onto Wednesday’s gains, having closed up 2.5 per cent at 10,608 points.

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FTSE 100 extends gains

Any concern about the fragility of the ceasefire deal doesn’t seem to have unsettled London’s stock market.

The FTSE 100 has extended yesterday’s gains, opening 0.25 per cent, or 26 points, higher. Bond markets are slightly nervier with some very marginal increases in the 5 and 10-year gilt yields at the open.

Brent crude continues to climb, now at $97.20 a barrel.

Oil prices climb on Strait of Hormuz fears

Oil prices have steadily increased to $97 a barrel this morning, having dropped to as low as $91 immediately after news of the ceasefire.

There are growing concerns that supply flows through the Strait of Hormuz will remain restricted as Iran proposes a toll for ships passing through the key waterway.

That Israel has continued attacks on Lebanon has also dashed hopes of a swift end to the conflict, with Iran saying it would be ‘unreasonable’ to proceed with talks.

‘Logistic disconnects, security fears, elevated insurance premiums and operational constraints mean that very little additional energy is likely to be supplied via the Strait of Hormuz in the next two weeks,’ analysts at Standard Chartered said in a note.

Oil facilities in the Gulf also remain under threat, with Iran striking countries even after the ceasefire deal was announced, according to reports. Kuwait, Bahrain and the UAE have also reported missile and drone attacks.