As the White House continues to push back against the oil industry over high gasoline prices, WTI and Brent crude rallied on Thursday to gain nearly 10% by 3:30 p.m. ET. Oil prices rebounded substantially on Thursday after a major selloff earlier in the week. That earlier selloff had stripped away nearly all the gains that crude oil had made after Russia’s invasion of Ukraine and resulting sanctions.
By 4:30 pm, WTI’s gains had eased somewhat, but was still trading up $8.21 on the day at $103.30 per barrel. Brent crude was trading up…Oil Prices Spike Nearly 10% As Hopes Of Ukraine Ceasefire Fade
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