Crude oil prices gain as Strait of Hormuz uncertainty offsets ceasefire relief
New Delhi: After a sharp 15% fall, crude prices rebounded early Thursday following uncertainty over the opening of the Strait of Hormuz, a key artery for one-fifth of global oil supplies.
At 8.30 am, the June contract of Brent on the Intercontinental Exchange was trading at $96.80 per barrel, higher by 2.16% from its previous close. The May contract of the West Texas Intermediate on the NYMEX rose 2.85% to $97.10 a barrel.
