Oil prices rose by more than 5 percent on Tuesday, recovering part of the previous session’s losses, amid supply concerns following the near-total closure of the Strait of Hormuz.
Brent crude futures rose by approximately 4.67 percent to $104.88 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $4.67, or about 5.16 percent, to $98.32.
In the previous session, Brent crude futures recorded a 2.8 percent decline at settlement, while U.S. West Texas Intermediate fell by 5.3 percent.
