Oil prices climbed during Thursday morning trading in Asia, recovering ground after a dramatic sell-off triggered by a temporary halt in hostilities between the United States and Iran.
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Benchmarks saw a notable uptick as the initial “peace rally” cooled:
- Brent Crude: Rose 2.2% to reach $96.70 (£72.18) per barrel.
- West Texas Intermediate (WTI): Gained 2.8%, trading at $96.90.
A Volatile 24 Hours
The market has been in flux following President Donald Trump’s announcement of a two-week suspension of strikes against Iran.
- The Wednesday Crash: Brent initially plummeted 15% to just under $92 on the news.
- The Thursday Recovery: Sentiment shifted as cracks appeared in the conditional ceasefire. Continued Israeli strikes in Lebanon have fueled fears that regional stability remains out of reach, prompting traders to buy back into the market.
The Broader Outlook
Despite the recent dip and subsequent recovery, energy costs remain significantly elevated. Prices are still well above the levels recorded prior to the start of the war on February 28, as supply chain anxieties and geopolitical risks continue to weigh on global markets.
