Ammon News - Oil prices rose on Thursday as doubts over ​a fragile two-week Middle East ceasefire raised concerns that energy flows through the crucial Strait of Hormuz will remain ‌restricted.

Brent crude futures were up $1.96, or 2.07%, at $96.71 a barrel at 0325 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.60, or 2.75%, to $97.01 a barrel.

Both benchmark prices fell below $100 per barrel in the previous trading session, with WTI recording its biggest decline since ​April 2020, on initial expectations for the ceasefire to result in a reopening of the strait.

Meanwhile, Goldman Sachs kept its third- and fourth-quarter oil price forecasts unchanged at, respectively, $82 and $80 for Brent, and $77 and $75 for ⁠WTI.

The investment ​bank lowered its second-quarter forecasts for Brent to $90 and WTI to $87 "given ​the reduction in risk premium at the front of the curve", with oil flows through the Strait of Hormuz "already edging up".

Reuters