Oil prices climb as investors reassess Middle East ceasefire prospects
Oil prices climbed on Thursday, recovering some of the previous day's losses. Brent futures rose $1.13, or 1.1%, to $103.35 a barrel by 0051 GMT, while U.S. West Texas Intermediate crude futures were up $1.08, or 1.2%, at $91.40 a barrel.
Tsuyoshi Ueno, senior economist at NLI Research Institute, said "Optimism regarding a ceasefire has faded." Karoline Leavitt, White House press secretary, said U.S. President Donald Trump will hit Iran harder if Tehran fails to accept that the country has been "defeated militarily". Iraqi oil production has slumped, with storage tanks reaching high and critical levels, according to three Iraqi energy officials on Wednesday. U.S. crude inventories rose by 6.9 million barrels to 456.2 million barrels in the week ended March 20, the highest since June 2024.
Japanese Prime Minister Sanae Takaichi asked IEA chief Fatih Birol for an additional coordinated release of oil stockpiles during talks on Wednesday.
Quick Summary
Oil prices are volatile as investors in Ghana and abroad reassess the possibility of a Middle East ceasefire. With major disruptions to energy flows, all eyes are on how key players will respond - and what it will mean for consumers.
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