US oil costs soar 5% on ceasefire considerations as Netanyahu vows to proceed assaults: Live updates

On Apr 9, 2026

By PERKIN AMALARAJ, FOREIGN NEWS REPORTER

Updated: 12:06, 9 April 2026

US oil prices have jumped 5 per cent amid fears that America’s ceasefire with Iran may not hold for long.

West Texas Intermediate – the US benchmark for oil – spiked in the minutes after markets opened, following yesterday’s massive fall brought about by Tuesday night’s announcement of a temporary ceasefire.

The price of Brent crude – the international benchmark – also rose, climbing up by 2.7 per cent to $97.23 a barrel after trading began.

Following Donald Trump‘s 11th hour announcement that the US and Iran has reached a temporary ceasefire, the world breathed a sigh of relief as it appeared that the Middle East war may finally be drawing to a close.

But just hours after the ceasefire’s announcement, Israel declared that Lebanon was not part of the deal and began a massive strikes campaign on targets across the country which has so far left nearly 200 dead and nearly 900 injured, overwhelming the country’s already beleaguered healthcare system and infuriating Iran, whose foreign minister said: ‘The Iran-US Ceasefire terms are clear and explicit: the US must choose – ceasefire or continued war via Israel. It cannot have both.’

Compounding fears that a ceasefire may not hold, Israeli prime minister Benjamin Netanyahu today said that Israel would keep striking targets belonging to Iran-backed Hezbollah.

‘We are continuing to strike Hezbollah with force, precision, and determination,’ Netanyahu said on his personal X account.

‘Our message is clear: anyone who acts against Israeli civilians – we will strike them. We will continue to hit Hezbollah wherever necessary, until we fully restore security to the residents of the north’ of Israel, he added.

Breaking:US oil spikes amid ceasefire concerns

West Texas Intermediate – the US standard for oil – has spiked by 5% since markets opened, amid concerns that the fragile ceasefire between the US and Iran may not hold.

Netanyahu: Israel will continue strikes against Hezbollah ‘wherever necessary’

Israeli PM Benjamin Netanyahu said today that Israel would keep hitting Iran-backed Hezbollah ‘wherever necessary’, the day after Israeli strikes pummelled Lebanon.

‘We are continuing to strike Hezbollah with force, precision, and determination,’ Netanyahu said on his personal X account.

Israeli Prime Minister Benjamin Netanyahu

Iran nuclear chief rules out restrictions on enrichment programme

Iran’s nuclear chief has today ruled out any restrictions on the nation’s enrichment programme.

Israel accuses Europe of ‘standing by the sidelines’

The Israeli government has lambasted Europe for ‘standing by the sidelines’ amid the Middle East conflict.

It wrote: ‘This is how it always is in Europe: they stand on the sidelines. Keep their distance. At times they offer disclaimers or condemnations.

‘Yet they always benefit from the results.’

Healey: Not in ‘Britain’s national interests’ to deploy all military assets to Middle East

Defence secretary John Healey said today it is not in ‘Britain’s national interest’ to deploy a large amount of the UK’s military assets to the Middle East.

He said: ‘When a crisis erupts nosily and dangerously, as it has done in the Middle East, I understand people are questioning why all UK military assets and personnel have not been deployed to deal with it.

‘But that is not in Britain’s national interest.’

Healey said, instead, that the ‘greatest threats are often unseen and silent’, adding that the UK has to ‘deploy our resources to best effect’ as demands on defence rise.

UAE-owned oil giant calls for Hormuz to be opened ‘unconditionally’

The CEO of Abu Dhabi National Oil Company (ADNOC) has called for Iran to open the Strait of Hormuz ‘unconditionally’ and without any ‘strings attaches.’

Sultan Al Jaber said in a post to his LinkedIn: ‘Iran has made clear – through both its statements and actions – that passage is subject to permission, conditions and political leverage. That is not freedom of navigation. That is coercion.

He said the waterway is a ‘natural passage governed by the United Nations Convention on the Law of the Sea, which guarantees transit as a matter of right; not a privilege to be granted, withheld or weaponised.’

He added: ‘The Strait must be open – fully, unconditionally and without restriction. Energy security and global economic stability depend on it. The weaponization of this vital waterway, in any form, cannot stand.’

WATCH: Pete Hegseth takes a swipe at Britain and Europe

Netanyahu shares harrowing videos of Lebanon strikes

UK condemns Israeli ‘escalation’ in Lebanon

UK defence secretary John Healey today told reporters: ‘We condemn the escalation in Lebanon.

We want the Israel-Lebanon conflict to be brought within the terms of the ceasefire.’

He added that the UK will ‘do our bit to try and strengthen’ the truce between the US and Iran, adding: ‘We welcome the ceasefire, we want it to hold.’

Defence Secretary John Healey delivers a statement on recent UK operational activity at 9 Downing Street in Westminster, central London. Mr Healey said the UK and allies monitored a Russian attack submarine and two spy submarines in the North Atlantic for a month before they retreated. Picture date: Thursday April 9, 2026. PA Photo. Photo credit should read: Yui Mok/PA Wire