Brent crude oil prices surged back above $102 a barrel in early trade on Thursday as global investors pinned their hopes on potential peace between Iran and the United States following President Donald Trump’s latest statement.
Crude oil had dropped below $100 a barrel on Wednesday after climbing to a record high of $126 earlier this week for a brief period.
Yet market volatility remained high, pushing prices back up to $102 per barrel in the latter half of Wednesday’s trading session heading into Thursday. The West Texas Intermediate (WTI) crude oil prices dropped to an intraday low of $88.71 per barrel during Wednesday’s session after opening above $102.
As of 8:30 am IST, Brent crude had surged back to $102, recording a 0.39 per cent increase compared to Wednesday’s close.
WTI crude oil prices were trading 0.37 per cent higher at $95.43 per barrel compared to the previous market close.
Iran is expected to return its response to the latest United States peace proposal today through mediator Pakistan. The proposal has been under review for the past several days. However, geopolitical experts believe it is less likely that Iran will accept all conditions, especially the demand to give away enriched uranium.
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