[Global Oil Prices] Sharp Rally Eases as Brent Crude Rises 1.2%

[Financial News]

Global oil prices closed modestly higher on the 8th local time as the initial rally cooled.
Oil prices were pushed up after Iran launched a missile attack on Israel on the 7th, and Israel responded with fighter jet strikes, stoking fears that the April ceasefire could collapse.
But the market regained stability after Iran declared a ceasefire and Israel said it would not launch further airstrikes unless Iran attacked again.
According to CNBC, the August Brent Crude Oil contract, the global benchmark, closed at $94.25 per barrel, up $1.16, or 1.25%, from the previous session.
The July contract for West Texas Intermediate crude oil (WTI), the U.S. benchmark, also ended at $91.30 per barrel, up $0.76, or 0.84%.
Brent had surged as high as $98.08 a barrel early in the session, while WTI climbed to $95.47. Both jumped 5.4%.
The surging prices eased again after Iran and Israel agreed to stop further attacks on each other.
Iran's Foreign Ministry told CNBC that it would stop attacks on Israel.
Benjamin Netanyahu, Prime Minister of Israel, also declared that airstrikes on Iran would be suspended for now.
Still, tensions remain.
Netanyahu stressed that the fight with Iran and Lebanon's Hezbollah, which is backed by Iran, is not over.
Iran said it would resume attacks on Israel if Israel continues its strikes on Lebanon.
Even so, analysts believe the chance of a full-scale clash remains low, given U.S. President Donald Trump's strong determination to end the war.

dympna@fnnews.com Song Kyung-jae Reporter