NEW YORK: Brent crude futures settled over $3 a barrel higher on Thursday as new attacks on tankers fed worries about oil supplies while investors reassessed the outlook for the US-Israeli war with Iran.

Brent finished up $3.67, or 3.88 per cent at $98.29 a barrel. US West Texas Intermediate crude closed $2.40, or 2.72pc higher at $90.52 a barrel.

This marked a reversal from Wednesday, when both benchmarks tumbled more than 8pc to their lowest settlement levels since Aug 31.

“Today’s rebound ref­lects caution about pricing in a rapid normalisation of oil flows before diplomatic progress translates into de­­­pendable shipping and de­­liveries,” Gelber and Asso­ciates wrote in a note. Andy Lipow, president of Lipow Oil Associates, said reports of tankers striking mines in the Middle East continue to worry the oil market.

Published in Dawn, November 6th, 2026