West Texas Intermediate (WTI) crude futures climbed 2.75% to $77.29 a barrel on Thursday, marking a sharp acceleration in buying interest as investors assessed the latest developments in US-Iran negotiations.
The move signals a renewed focus on the potential for a diplomatic resolution to the ongoing crisis in the Strait of Hormuz, which has disrupted global shipping routes and kept a risk premium on energy prices.
46% to $74.19. The modest recovery at that time followed a period of sharp declines, as markets digested the initial shock of the shipping disruptions.
Brent crude futures also advanced, continuing the upward momentum that began earlier in the week.
On Tuesday, Brent had risen 0.38% to $78.15, while WTI gained 0.46% to $74.19.
The modest recovery at that time followed a period of sharp declines, as markets digested the initial shock of the shipping disruptions.
Thursday’s steeper rally suggests traders are now pricing in a higher probability of near-term de-escalation.