Crude oil prices saw an uptick on Thursday as market participants re-evaluated the likelihood of a Middle East ceasefire, despite Tehran’s firm stance against entering new negotiations.
The global energy landscape faced additional strain due to ongoing supply bottlenecks originating from Russia and the Gulf. These logistical pressures helped drive a price recovery following a sharp decline in the previous session.
Brent crude gained $1.13, or 1.1%, to settle at $103.35 per barrel, while U.S. West Texas Intermediate (WTI) rose by $1.08, or 1.2%, to reach $91.40. This bounce-back comes after both benchmarks shed more than 2% of their value on Wednesday.
Analysts suggest the price rally reflects a cautious reassessment of diplomatic efforts in the region, even as tangible progress toward a truce remains elusive.
