Oil Prices Recover 6 Percent
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.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
