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Oil prices rose again on Thursday, reversing an earlier plunge on optimism over a temporary ceasefire agreement. Brent crude, the international benchmark, was up 3.5% to $98.09 per barrel. U.S. benchmark crude rose 3.6% to $97.83 per barrel.
Uncertainty over global energy supply remained elevated. The Strait of Hormuz, a key chokepoint for energy transport through which about a fifth of the world’s oil typically passes, was largely closed despite repeated U.S. demands that it be reopened.
ING Bank analysts Ewa Manthey and Warren Patterson wrote that “(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.”
Talks aimed at pursuing a permanent end to the war could start in Pakistan on Saturday, with Vice President JD Vance expected to lead the U.S. delegation. President Donald Trump posted on Truth Social that U.S. military forces would remain around Iran “until such time as the REAL AGREEMENT reached is fully complied with.”
Wall Street closed higher on Wednesday after Trump’s announcement of a two-week ceasefire with Iran late Tuesday. The S&P 500 rose 2.5% to 6,782.81, the Dow Jones Industrial Average gained 2.9% to 47,909.92, and the Nasdaq composite increased 2.8% to 22,635.00.
Following renewed hopes for de-escalation, United Airlines shares jumped 7.9% on Wednesday, American Airlines rose 5.6%, and Carnival climbed 11.2%, reducing losses since the Iran war began amid concerns about rising fuel costs.
In other markets, gold and silver prices fell. Gold dropped 0.6% to $4,750.20 per ounce, while silver declined 1.7% to $74.08 per ounce.
The U.S. dollar rose to 158.95 Japanese yen from 158.57 yen. The euro was trading at $1.1675, up from $1.1663.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
