Crude global prices: Oil climbs back towards $97 as Strait of Hormuz remains under pressure
Oil prices inched higher on Thursday after suffering their steepest single-day fall since April 2020, as uncertainty around the Strait of Hormuz and renewed tensions in the Middle East kept markets on edge. Brent crude moved back towards $97 a barrel, rebounding from a 13% on Wednesday, while West Texas Intermediate also traded close to that mark.
As of 7:55 am IST, Brent crude was trading around $96.96, up 2.7% while WTI stood at $96.82 or 2.1% up.
