Oil prices experienced a significant increase on Thursday, with Brent crude futures rising $2.6 (or 2.74%) to $97.35 per barrel, and US West Texas Intermediate (WTI) crude climbing $3.02 (or 3.2%) to $97.43 per barrel. This surge follows concerns that oil supply from the Middle East may not fully resume due to uncertainties surrounding the two-week ceasefire between the US and Iran. The Strait of Hormuz, which is vital for transporting oil from Gulf producers such as Iraq, Saudi Arabia, Kuwait, and Qatar, remains under restrictions, carrying about 20%** of global oil supply. Despite hopes for a ceasefire, ongoing military actions, including Israeli strikes in Lebanon and Iranian threats, have created skepticism about the ceasefire's longevity. Analysts from Standard Chartered noted that logistical issues and security concerns would likely limit additional energy supplies through the Strait in the coming weeks. Furthermore, regional oil facilities remain vulnerable, with reports of Iranian attacks on infrastructure in neighboring countries, raising further doubts about the stability of oil supply in the region.