Hormuz chaos nears month 3: Oil prices climb as tightened supplies squeeze fuel reserves
Oil prices edged higher on Thursday as continuous supply disruptions due to the Iran conflict raised concerns over tightening fuel reserves across the globe. Benchmark oil prices traded marginally higher, with WTI Crude rising 0.58% to $98.83 a barrel and Brent Crude gaining 0.44% to $105.5 a barrel.
The recovery comes after a sharp decline on Wednesday, when both oil benchmarks dropped more than 5.6% after US President Donald Trump said that negotiations with Iran were nearing completion. At the same time, Trump warned Tehran of more attacks if it refused to accept a peace agreement.
