Oil prices rise despite ceasefire extension

The ceasefire extension hasn't done much to calm nerves given that worries remain about the impact of the energy squeeze on the global economy, said Susannah Streeter, chief investment strategist at Wealth Club. Shipments from the Middle East are in limbo and a resolution to the conflict remains elusive, and the price of Brent crude, the benchmark, reflects this. Brent North Sea was once more closing in on 100 a barrel while main US contract, West Texas Intermediate, traded back above 90. Iranian gunboats attacked at least one container ship in the Strait of Hormuz on Wednesday, maritime agencies said, despite US President Donald Trump announcing he was extending a ceasefire to allow more time for peace talks. Trump said the US blockade of Iran's ports would continue while Pakistani mediators try to revive dialogue. The US and Iran may be trying to shore up leverage and playing a game of who blinks first, said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. Whatever the outcome, the suspense in the interim may see risk appetite being curtailed, he said. In Britain, official data showed that annual inflation jumped to 3.3 percent in March as the war sent oil and gas prices surging. Reporting by AFP