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
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
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'.
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