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By 00:48 GMT, Brent crude futures had increased $2.60, or 2.74%, to $97.35 a barrel. U.S. West Texas Intermediate (WTI) crude rose $3.02, or 3.2%, to $97.43 a barrel.
Both benchmarks had fallen below $100 in the previous session, with WTI experiencing its largest drop since April 2020, driven by expectations that the ceasefire could lead to a reopening of the Strait of Hormuz.
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