‎Global oil prices surged on Thursday, climbing back toward the $100 per barrel mark amid uncertainty over a fragile Middle East ceasefire.

The benchmark U.S. crude, West Texas Intermediate, rose by more than five percent as concerns mounted over continued tensions in the region.

Investor optimism from earlier gains faded following renewed hostilities involving Hezbollah and ongoing instability linked to the conflict between the United States and Iran.

Markets had initially rallied after U.S. President Donald Trump announced a temporary halt in hostilities, alongside indications from Tehran that it would reopen the strategically vital Strait of Hormuz.

However, doubts over the ceasefire and reports of potential tolls on vessels passing through the waterway have renewed fears of supply disruptions.

Analysts warn that oil prices are likely to remain volatile until a more stable agreement is reached, especially given the damage to energy infrastructure in key exporting countries.

The uncertainty also weighed on global financial markets, with stocks declining across Wall Street, Europe, and Asia.

Experts say the ongoing conflict could continue to impact global growth and inflation, particularly as companies begin reporting first-quarter earnings reflecting the early effects of the crisis.