Oil price rises as markets question durability of Middle East ceasefire

Gas prices also increase, while global stock markets slip back after strong rally on Wednesday Business live – latest updates Middle East crisis – live updates Oil and gas prices rose on Thursday and stock markets retreated across Asia and Europe as the two-week ceasefire in Iran looked increasingly shaky, with Israel continuing attacks on Lebanon and the US and Iran threatening a return to military action. A day after the US and Iran announced an 11th-hour ceasefire, including an agreement to reopen the strait of Hormuz, many questions remain and there were signs that the truce was already being broken, causing jitters in the markets.