Oil rebounds above $95 as Trump hardens stance on Iran conflict
What's new: Brent climbed 3.3% to $95.82 after earlier hitting a two-month low as traders reassessed the odds of a quick ceasefire.
Oil prices jumped Thursday after President Donald Trump signaled the U.S.-Iran conflict was far from resolved, reversing part of a sharp selloff earlier in the week. Brent crude settled up 3.3% at $95.82 a barrel, while West Texas Intermediate rose 2.6% to $88.74. The rebound followed Trump’s Truth Social post rejecting the need for a deal with Iran and boasting that the United States had "their Strait," a reference to the Strait of Hormuz. Earlier this week, prices had fallen to two-month lows after Trump and Secretary of State Marco Rubio played down the need for further military action. Analysts said the latest comments revived fears of shipping attacks and longer-lasting supply disruptions in the Middle East.