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Oil prices climbed sharply on Thursday, with US crude reclaiming the $100 mark, as markets reassessed the durability of the US-Iran ceasefire.West Texas Intermediate (WTI) crude for May delivery rose more than 6% to $100.27 per barrel as of 9:51 a.m. ET. Meanwhile, Brent crude futures for June gained nearly 4% to $98.26.The move comes as investors recognise that Iran continues to control access to the Strait of Hormuz, a critical artery for global oil flows, despite the announcement of a two-week ceasefire with the US.The rebound in prices suggests that while hostilities may have paused on paper, supply risks tied to the strait remain firmly in play—keeping energy markets on edge.US stock futures edged lower on Thursday, trimming part of the previous session’s sharp rally, as investors assessed the fragility of the US-Iran ceasefire and a renewed rise in oil prices.

The S&P 500 dropped 0.2% shortly after the opening bell, while the Nasdaq Composite hovered around the flatline. The Dow Jones Industrial Average shed 204 points, or 0.4%.On the previous Wednesday session, the S&P 500 jumped 2.5%, the Nasdaq surged 2.8%, and the Dow gained over 1,300 points for its best session since April 2025.However, uncertainty around the deal has resurfaced. Iran has reportedly halted tanker traffic again, citing continued strikes by US ally Israel, raising fresh concerns over the stability of the agreement and the flow of global oil supplies.Oil prices moved higher, with WTI crude rising 5.55% to $99.65, Brent crude gaining 3.47% to $98.04, and Murban crude up 4.57% to $102.1 at 18:50 IST. Meanwhile, natural gas edged 0.15% lower to $2.720, amid concerns about the durability of the US-Iran ceasefire.The core personal consumption expenditures (PCE) price index rose 3% in February, in line with expectations.Meanwhile, the headline PCE inflation measure increased 2.8%, also matching consensus estimates.Dow Jones Live Updates: Initial jobless claims increased to 219,000 for the week ended April 4, coming in higher than expectations of 210,000, according to data from the US Department of Labor. The figure also rose from the previous week’s 203,000.Meanwhile, continuing claims, which reflect the number of people still receiving unemployment benefits, fell to 1.79 million for the week ended March 28, below both estimates of 1.83 million and the prior week’s 1.83 million.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.