April 9 (UPI) -- Oil prices were on the rise again on Thursday amid concerns a "fragile" cease-fire between the United States, Iran and Israel could unravel over continued fighting in Lebanon and few signs the Strait of Hormuz was about to reopen to shipping.
The Brent crude and West Texas Intermediate international benchmarks were both trading around 4% higher at $98.62 and $99.94 a barrel respectively in early afternoon trade on Thursday, after prices plunged Wednesday on the announcement of a two-week cessation of hostilities.
Share prices in Asia also fell overnight with the Nikkei 225 in Tokyo giving up some of the gains made on Wednesday with European stocks following suit when exchanges opened Thursday morning.
The market reacted to warnings from both sides that they were prepared to resume military action if the other did not adhere to truce terms neither party accepts are the same, with Tehran saying Israeli strikes on Lebanon were a "grave violation" and Washington saying Iran must comply with the "real" agreement.
There was also growing concern over the reopening of the Hormuz Strait, a key term of the agreement which must be implemented to ease the disruption to global oil supply that has sent prices soaring.
