Oil Prices Recover 6 Percent

(MENAFN) US crude oil prices climbed 6% on Thursday, recovering part of their sharp decline, as reports from Iranian media outlets and renewed instability in the Strait of Hormuz reignited uncertainty over a US-mediated ceasefire and intensified fears about global oil supply.

West Texas Intermediate (WTI) crude futures rose to $100.1 per barrel at 13000GMT on Thursday, after falling more than 16% on Wednesday to $90, marking their lowest point in over a month.

Meanwhile, Brent crude futures, the international benchmark, increased by 3.5% to reach $98 per barrel.

Prices had initially dropped on Wednesday following an agreement between the United States and Iran on a two-week ceasefire, which temporarily eased worries about potential disruptions in Middle Eastern oil supplies.

However, market sentiment reversed after a news agency, citing a knowledgeable source, reported that Iran might pull out of the US-supported ceasefire if Israel continued what it described as violations in Lebanon. Iranian media also indicated that oil tanker movement through the Strait of Hormuz had once again stopped after Israeli strikes on Lebanon, even though two tankers had previously passed safely following the ceasefire announcement.

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