Image used for representation only.
New York: Oil prices rose by about five percent on Thursday, as doubts surrounding the two-week ceasefire in the Middle East raised concerns about continued restrictions on energy flows through the vital Strait of Hormuz, with shipping companies hesitant to resume vessel transit.
Brent crude futures climbed $4.41, or 4.7 percent, to $99.14 a barrel, while U.S. West Texas Intermediate crude jumped $7.57, or eight percent, to $99.15 a barrel.
Both benchmark crudes had fallen below $100 a barrel in the previous session, with WTI recording its biggest drop since April 2020 amid optimism that the truce would lead to the reopening of the Strait.
