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Oil prices rose on Thursday following new US strikes on Iran, marking another test of an already fragile ceasefire as diplomatic efforts to end the conflict continue.
Brent North Sea crude, the global benchmark, increased by nearly two percent to $96.13 per barrel, while West Texas Intermediate (WTI), the main US oil contract, rose by 1.75 percent to $90.23 per barrel.
The gains reversed Wednesday’s declines, which were driven by optimism that a peace deal could soon ease tensions in the Middle East war and restore stability to energy markets. However, renewed military activity quickly shifted sentiment back toward concern over supply disruptions.
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An American official said that US forces shot down four Iranian drones and targeted a control centre in the southern city of Bandar Abbas.
Earlier, an official from Iran’s Revolutionary Guards said renewed war with the United States was unlikely, although Tehran remained prepared for any further escalation. The mixed signals have added to uncertainty in global markets already sensitive to developments in the region.
Traders remain focused on the potential impact of the conflict on oil flows, inflation, and broader economic stability.
