Oil prices swing as fragile US-Iran ceasefire raises supply concerns

Oil prices are moving in different directions after a ceasefire between the US and Iran was announced. Some reports show prices rising because traders are worried the truce might not hold, while others note prices fell right after the news came out.

At the same time, there are ongoing concerns about oil shipments through the Strait of Hormuz, a critical waterway. Despite the ceasefire, shipping traffic there remains very low, which is keeping markets on edge about potential supply disruptions.