Global crude oil futures rallied on Thursday, snapping a three-session losing streak to settle around 2% higher as energy markets reinflated geopolitical risk premiums following statements that Washington will not return to previous ceasefire terms with Iran.
Global crude oil futures settled lower on Wednesday following a volatile session, extending the week’s retreat as market participants continued to trim geopolitical risk premiums amid advancing diplomatic negotiations over navigational arrangements in the Strait of Hormuz.
Global crude oil futures tumbled sharply on Tuesday, extending Monday’s retreat to settle more than 3% lower as energy markets reassessed geopolitical risk premiums following Washington’s rollout of secondary sanctions on Iran.