New york: Oil prices rose on Thursday, April 9, amid investor concerns that supplies from the Middle East might not resume. Brent crude futures climbed 2.5% to $97.14 a barrel, while US crude futures rose 3.3% to $97.55 a barrel.
According to Yemen News Agency, both benchmark crudes had fallen below $100 a barrel in the previous session. This decrease was primarily driven by expectations that a ceasefire would lead to the reopening of the Strait of Hormuz. West Texas Intermediate (WTI) recorded its biggest drop since April 2020 during this period.
The fluctuation in oil prices highlights the market's sensitivity to developments in the Middle East, which remains a critical region for global oil supplies. Investors are closely monitoring the situation, as any prolonged disruption could have significant implications for the global energy market.