NEW YORK: Oil prices swung between gains and losses in volatile trading on Thursday, ultimately settling lower after a report said Saudi Arabia and Kuwait lifted restrictions on the United States’ use of its airspace and military bases, allowing the US to restart operations to escort commercial ships through the Strait of Hormuz as early as this week.

Brent crude futures settled down 1.2 per cent or $1.21 at $100.06 a barrel, while US West Texas Intermediate crude futures settled down 0.28pc or 27 cents at $94.81. Both benchmarks had earlier declined by as much as $5 a barrel on optimism that Washing­ton and Tehran were moving toward a limited, temporary agreement to halt their conflict.

Published in Dawn, May 8th, 2026