New York: Oil prices rose today as markets awaited the outcome of efforts to ease tensions in the region and the prospects for the resumption of oil flows through the Strait of Hormuz.
Brent crude futures rose $3.09, or 3.89%, to $82.54 a barrel. US West Texas Intermediate (WTI) crude futures gained $2.49, or 3.31%, to $77.71 a barrel.
Prices had fallen by about 8% this week after US President Donald Trump, Treasury Secretary Scott Bessent, and Secretary of State Marco Rubio said an agreement to increase shipping traffic through the Strait was close.
