Oil prices rebound amid geopolitical uncertainty

Brent and WTI post gains

Brent crude futures rose $1.65, or 1.7%, to $96.58 a barrel, while West Texas Intermediate (WTI) crude gained $1.45, or 1.6%, to $92.74 a barrel.

Markets follow volatile trading session

The gains followed a volatile session on Wednesday, when both benchmarks ended largely unchanged after fluctuating during trading.

Strait of Hormuz disruption weighs on supply

The ongoing US-Israeli conflict with Iran has caused major disruption to global oil and gas flows, particularly by affecting traffic through the Strait of Hormuz, a key route for around 20% of global oil and liquefied natural gas shipments.