After a three-day decline, international oil prices rebounded on Thursday.
While U.S. President Donald Trump discussed a ceasefire in the Ukraine war for an hour with Ukrainian President Volodymyr Zelenskyy, raising hopes for an end to the European war, tensions in the Middle East escalated.
As Israel resumed its attacks on the Palestinian Gaza Strip with Trump’s approval, regional instability in the Middle East increased and drove oil prices upward once again.
Despite the low possibility of a U.S. recession, Federal Reserve Chair Jerome Powell voiced concerns about U.S. economic stagflation, citing slowing consumer spending, declining growth rates, and a delayed decrease in inflation. These concerns limited the oil price increase.
The international oil benchmark of Brent crude settled at $70.78 per barrel for May delivery, up $0.22 (0.31%) from the previous session.
The U.S. benchmark, West Texas Intermediate (WTI), saw its April contract rise by $0.26 (0.39%), closing at $67.16 per barrel.
