Oil rises in volatile trade as US resumes attacks on Iran
XLE•Oil prices climb in volatile trading
Brent crude prices climbed more than $1 a barrel on Thursday in a volatile session as investors swung between focusing on escalating U.S. attacks on Iran and hopes for a resolution that may resume shipping in the Strait of Hormuz.
Brent futures LCOc1 rose $1.48, or 1.63%, to $92.22 a barrel as of 0707 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 gained 43 cents, or 0.51%, to $84.89 a barrel.
Both contracts had erased some losses earlier in the session after settling about 7%-8% higher on Wednesday in one of the sharpest daily price spikes during the Iran war as U.S. President Donald Trump threatened to hit Iran "very hard" after an Iranian missile attack on Tuesday on a U.S. base in Jordan.
