Brent crude rebounds 3.27% to $97.85 as Middle East tensions escalate

Oil pric-es climbed on Thursday, bouncing back from earlier losses as renewed tensions in the Middle East overshadowed initial optimism around a temporary ceasefire.

Brent crude, the global benchmark, rose 3.5 per cent to USD 98.09 per barrel, while US benchmark crude gained 3.6 per cent to USD 97.85.

Analysts noted that the uptick in prices reflects fading confidence in the ceasefire, with ongoing hostilities keeping markets on edge and the situation around the Strait of Hormuz a key risk factor for supply disruptions.