Global oil prices rose and stocks pulled back on Thursday as investors wrestled with uncertainty about the fragile cease-fire between the United States and Iran.
The prospects for a lasting end in fighting are being tested as the two countries jostle to exert control over the Strait of Hormuz, the contested waterway that is a critical trading route for oil and natural gas.
Oil prices earlier extended gains from Wednesday after the Islamic Revolutionary Guards Corps of Iran said it had seized two cargo ships near the strait. The U.S. Navy’s blockade continues to prevent ships from gaining access to Iranian ports.
