Oil prices rise again and Asian stocks retreat on the fragile Iran ceasefire

Oil prices rise again and Asian stocks retreat on the fragile Iran ceasefire 1 of 4 | Oil rose again to above $97 a barrel and Asian stocks were trading lower Thursday on skepticism over a fragile ceasefire between the U.S. and Iran. (AP Video shot by Mayuko Ono, Yong Jun Chang, Johnson Lai) 2 of 4 | A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon) 3 of 4 | Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon) 4 of 4 | Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon) 1 of 4 Oil rose again to above $97 a barrel and Asian stocks were trading lower Thursday on skepticism over a fragile ceasefire between the U.S. and Iran. (AP Video shot by Mayuko Ono, Yong Jun Chang, Johnson Lai) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. 2 of 4 A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. 3 of 4 Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. 4 of 4 Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] HONG KONG (AP) — Oil rose again to above $97 a barrel and Asian stocks were trading mostly lower Thursday on skepticism over a fragile ceasefire between the U.S. and Iran.Investors were closely watching whether a two-week ceasefire between the United States and Iran was already slipping after a round of intense Israeli strikes on Lebanon that killed and injured hundreds. Iran again closed the Strait of Hormuz, in response to the attacks in Lebanon.Tokyo’s Nikkei 225 dropped 0.7% to 55,895.32, while South Korea’s Kospi lost 1.6% to 5,778.01. Hong Kong’s Hang Seng fell 0.4% to 25,793.49. The Shanghai Composite index was down 0.7% to 3,966.17. Australia’s S&P/ASX 200 edged up 0.2% to 8,973.20. Taiwan’s Taiex was 0.3% higher, while India’s Sensex dropped 0.8%.U.S. futures were down more than 0.2%.Oil prices were up Thursday, reversing an earlier plunge on optimism over the temporary ceasefire agreement. Brent crude, the international standard, was up 2.4% to $97.03 per barrel. It previously fell briefly to below $92 a barrel following the temporary ceasefire announcement. Benchmark U.S. crude was 3.1% higher on Thursday at $97.30 a barrel. Uncertainties over global energy supply remained. The Strait of Hormuz, a chokepoint for energy transport where a fifth of the world’s oil typically passes, was largely closed even though the U.S. repeatedly demanded that it must be reopened. “(Oil) prices rebounded as fighting in the Middle East continued, and the ceasefire outlook deteriorated, keeping uncertainty around the Strait of Hormuz firmly in focus,” ING Bank analysts Ewa Manthey and Warren Patterson wrote in a note Thursday.Talks to pursue a permanent end to the war could start in Pakistan on Saturday, and Vice President JD Vance is expected to lead the U.S. delegation. President Donald Trump posted on his Truth Social media platform that U.S. military will remain around Iran “until such time as the REAL AGREEMENT reached is fully complied with.” Wall Street closed higher Wednesday following Trump’s announcement of a two-week ceasefire with Iran late Tuesday.The S&P 500 jumped 2.5% to 6,782.81. The Dow Jones Industrial Average rose 2.9% to 47,909.92. The Nasdaq composite was up 2.8% to 22,635.00.Following renewed hopes over de-escalation of the war, shares of United Airlines surged 7.9% on Wednesday, American Airlines was up 5.6%, while cruise ship operator Carnival jumped 11.2%, trimming losses since the Iran war began on concerns over rising fuel costs.In other dealings, gold and silver prices fell. Gold’s price dropped 0.9% to $4,734.10 an ounce. The price of silver fell 1.8% to $74.04 per ounce.The U.S. dollar rose to 158.83 Japanese yen from 158.57 yen. The euro was trading at $1.1668, up from $1.1663.___Associated Press writers Stan Choe and Aniruddha Ghosal contributed to this report. Chan writes about business and economy in China for The Associated Press, reporting on key sectors of the world’s second-largest economy from trade and technology to autos. He is based in Hong Kong.