Oil Gains 2% Following Doubts Over Hormuz Reopening
2026-04-09 Shafaq News Oil prices rose on Thursday as doubts over a fragile two-week Middle East ceasefire raised concerns that energy flows through the crucial Strait of Hormuz will remain restricted.
Brent crude futures were up $1.96, or 2.07%, at $96.71 a barrel at 0325 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.60, or 2.75%, to $97.01 a barrel.
Both benchmark prices fell below $100 per barrel in the previous trading session, with WTI recording its biggest decline since April 2020, on initial expectations for the ceasefire to result in a reopening of the strait.
However, analysts said market participants are hesitant to fully unwind pricing for geopolitical risk, and there is no clarity on what negotiations between the U.S. and Iran would mean for oil flows.
“The chances of a meaningful reopening (of the Strait of Hormuz) any time soon look dim,” said Vandana Hari, founder of oil market analysis provider Vanda Insights, predicting continued volatility in oil prices.
“The futures market looks a bit broken,” she said. Otherwise, “prices should have snapped right back to pre-ceasefire levels by now.”
The vital waterway connects supply from Gulf producers such as Iraq, Saudi Arabia, Kuwait and Qatar to global markets, and typically carries about 20% of global oil and gas supply.
The viability of the ceasefire is in question with Israel continuing to attack Lebanon on Wednesday, causing Iran to suggest it would be “unreasonable” to proceed with talks to forge a permanent peace deal.
Shippers on Wednesday also said they needed more clarity on the terms of the ceasefire before resuming transit through the Strait of Hormuz. Iran has issued maps to guide ships around mines in the waterway and designated safe paths for passage in coordination with the country’s Revolutionary Guards, Iranian media reported.
“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.
Regional oil facilities also remain under threat, with Iran striking sites in nearby countries after the ceasefire, including a pipeline in Saudi Arabia that has been used to bypass the blockaded Strait of Hormuz, according to an oil industry source.
Kuwait, Bahrain and the UAE also reported missile and drone attacks.
Meanwhile, Goldman Sachs kept its third- and fourth-quarter oil price forecasts unchanged at, respectively, $82 and $80 for Brent, and $77 and $75 for WTI.
The investment bank lowered its second-quarter forecasts for Brent to $90 and WTI to $87 “given the reduction in risk premium at the front of the curve”, with oil flows through the Strait of Hormuz “already edging up”. (Reuters)
Basrah Crude Drops Over 8% Despite Global Oil Rise
2026-04-09 Shafaq News– Basrah Basrah crude fell more than 8% on Thursday, diverging from rising global oil prices.
Basrah Heavy crude fell $10.96, or 8.88% to $112.44 per barrel, and Basrah Medium crude declined $10.96, or 8.73%, reaching $114.54 per barrel.
Brent crude futures were up $1.96, or 2.07%, at $96.71 a barrel. US West Texas Intermediate (WTI) crude rose $2.60, or 2.75%, to $97.01 a barrel. https://www.shafaq.com/en/Economy/Basrah-crude-drops-over-8-despite-global-oil-rise-2
Gold Prices Stabilize Before US Inflation Data Release
2026-04-09 Shafaq News Gold prices were largely steady on Thursday as investors remained cautious about the fragile U.S.-Iran ceasefire, with a key U.S. inflation report due later in the day also in focus for interest rate clues.
Spot gold inched 0.1% higher to $4,721.51 per ounce, as of 0523 GMT. U.S. gold futures for June delivery fell 0.7% to $4,744.90.
“It doesn’t seem like gold is looking to do much at this moment. I think there’s still a lot of speculation on what’s going to happen after the ceasefire,” said GoldSilver Central Managing Director Brian Lan.
Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.
On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from Iran.
Oil prices rose on Thursday on concerns that supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire will hold.
Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fuelled inflation concerns and prompted markets to reassess interest rate expectations, reducing non-yielding bullion’s appeal.
Minutes from the Federal Reserve’s March 17 to 18 meeting showed that more policymakers felt rate hikes could be needed to counter inflation that continued to exceed the central bank’s 2% target.
U.S. Personal Consumption Expenditures data for February is due at 1230 GMT, and March consumer price data on Friday could give further clues on the Fed’s policy path.
“Beyond near-term liquidity needs, we expect gold to continue to rebuild its gains in the coming months amid heightened geopolitical risk,” Standard Chartered said in a note on Wednesday.
Among other metals, spot silver fell 0.1% to $74.07 per ounce, platinum lost 0.4% to $2,020.60 and palladium edged up 0.3% to $1,559. (Reuters) https://www.shafaq.com/en/Economy/Gold-prices-stabilize-before-US-inflation-data-release
Gold Prices Fall In Baghdad And Erbil
2026-04-09 Shafaq News- Baghdad/ Erbil On Thursday, gold prices hovered around 1 million IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 1,014,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,010,000 IQD. The same gold had sold for 1,036,000 IQD on Wednesday.
The selling price for 21-carat Iraqi gold stood at 984,000 IQD, while the buying price reached 980,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,015,000 and 1,025,000 IQD, while Iraqi gold sold for between 980,000 and 990,000 IQD.
In Erbil, 22-carat gold was sold at 1,071,000 IQD per mithqal, 21-carat gold at 1,023,000 IQD, and 18-carat gold at 876,000 IQD. Gold prices fall in Baghdad and Erbil – Shafaq News
