Muscat: Oil prices rose today, recovering some of the losses from the previous session, as investors reassess the prospects for de-escalation in the Middle East, following Iran's announcement that it is still considering the US proposal to end the conflict that has disrupted energy flows. Brent crude futures climbed $1.13, or 1.1%, to $103.35 a barrel, while West Texas Intermediate (WTI) crude futures rose $1.08, or 1.2%, to $91.40 a barrel. Both benchmarks fell by more than 2% on Wednesday.
According to Oman News Agency, the recent increase in oil prices comes amidst ongoing discussions and uncertainty about a potential ceasefire in the Middle East. The region has been a focal point for global energy markets, and any changes in its geopolitical landscape can have significant impacts on oil supply and prices. Iran's consideration of the US proposal signals a possible shift towards peace, which investors are closely monitoring.