Brent crude climbs to $88.57 per barrel

Oil prices extended their gains on Tuesday, with Brent crude rising more than 5% during afternoon trading amid heightened market volatility, Report informs.

According to trading data, September Brent crude futures on the London-based ICE exchange climbed 5.23% to $88.49 per barrel before accelerating further to $88.57, marking a 5.33% increase.

Meanwhile, August West Texas Intermediate (WTI) crude futures advanced 5.07% to $83.28 per barrel.

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Oil prices rose on Wednesday morning after posting steep declines over the previous two trading sessions, Report informs.

September Brent crude futures on the ICE Futures exchange climbed 3.53% to $87.06 per barrel, recovering from the previous session's close.

Meanwhile, September West Texas Intermediate (WTI) crude futures traded on the New York Mercantile Exchange (NYMEX) advanced 3.31% to $81.88 per barrel.

Both benchmark crude contracts had settled at two-week lows on Tuesday amid a halt in exchanges of strikes between the United States and Iran and reports that negotiators from Iran and Oman were seeking an agreement to restore shipping through the Strait of Hormuz.

The latest gains reflect a partial recovery in the oil market following the sharp sell-off in the previous sessions.