Oil prices rose yesterday with global benchmark reaching $104.07 per barrel, which is a gain of $3.62 compared with Thursday morning rate and around $40 higher than the price one year ago, according to Barrons. com.

Reuters reported that U.S. West Texas Intermediate (WTI) futures rose to $95.71 a barrel, up 90 cents, or 0.95%. The price spike occurred a day after the U.S. and Iran traded air strikes, with traders fretting over the future of the cease-fire and shipping in the Strait of Hormuz, according to Reuters.

Senior analyst with Price Futures Group, Phil Flynn said: “We’re still playing the headline-o-rama game. Ship movement in the Persian Gulf is going about as well as can be expect- ed. We’re kind of working around the edges.”

U.S. and Iranian forces clashed in the Gulf, and the UAE came under renewed attack as Washington await- ed a response from Tehran to its proposal to end the conflict, which began with joint

U.S.-Israeli airstrikes across Iran on February 28. U.S. President, Donald Trump later told reporters that the ceasefire was still in effect and sought to play down the exchange.

PVM Oil Associates analyst, John Evans said: “How quickly can supply be returned from Gulf states, what will ⁠the state of inventories be as we approach peak gasoline season, and what sanctions would look like post settlement are all worthy of thought.

But none can be addressed until there is a long-term solution to hostilities.”