Oil price rises as markets question durability of Middle East ceasefire

Gas prices also increase, while global stock markets slip back after strong rally on Wednesday

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Oil and gas prices rose on Thursday and Asian stock markets retreated as the two-week ceasefire in Iran looked increasingly shaky, with Israel continuing attacks on Lebanon and the US and Iran threatening a return to military action.

A day after the US and Iran announced an 11th-hour ceasefire, including an agreement to reopen the strait of Hormuz, many questions remain and there were signs that the truce was already being broken, causing jitters in the markets.