REUTERS, New Delhi

Oil prices rose on Thursday as doubts over ​a fragile two-week Middle East ceasefire raised concerns that energy flows through the crucial Strait of ‌Hormuz will remain restricted.

Brent crude futures were up $2.18, or 2.3 percent, at $96.93 a barrel at 0645 GMT, while US West Texas Intermediate (WTI) crude rose $3, or 3.18 percent, to $97.41 a barrel.

Both benchmarks fell below $100 per barrel in the previous trading session, with WTI recording its ​biggest decline since April 2020, on early optimism the ceasefire will result in a reopening of the strait.

However, analysts said ​market participants are hesitant to fully strip out the geopolitical risk premium, and there is no clarity on what negotiations between the US and Iran would mean for oil flows.

“The chances of a meaningful ​reopening (of the Strait of Hormuz) any time soon look dim,” said Vandana Hari, founder of oil market analysis ​provider Vanda Insights, predicting continued volatility in oil prices.

“The futures market looks a bit broken,” she said. Otherwise, “prices should have snapped right back to pre-ceasefire levels by now.”