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Uncertainty over the US-Iran ceasefire deal has triggered a rise in oil prices this morning.
Brent crude, the international benchmark for oil prices, rose by 2.1% to $96.77 a barrel, while New York light crude rose by almost 3% to $97.23 a barrel. Yesterday, Brent crude dropped by more than 10% after initial news of the ceasefire emerged.
Meanwhile Asian stocks have been choppy overnight: Japan’s Nikkei has slipped by 0.7% and the South Korean Kospi has dropped sharply by 2%. Both countries are highly exposed to the conflict in the Middle East as they rely on oil and gas supplies from the region.
