Post: Oil Prices Surge Over 4% at Settlement

Doha: Oil prices surged more than 4% at settlement on Wednesday, supported by a rebound in global crude benchmarks. Brent crude futures climbed $2.93, or 4.35%, to settle at $70.35 per barrel, while US West Texas Intermediate (WTI) crude futures advanced $2.86, or 4.59%, to $65.19 per barrel. Both contracts reached their highest levels since January 30, recovering a day after falling to their lowest levels in two weeks. According to Qatar News Agency, the surge in oil prices marks a significant recovery in the market, which had recently experienced a downturn. The increase in prices comes amid volatile market conditions, reflecting a shift in investor sentiment and market dynamics. The rebound illustrates the fluctuating nature of the oil market, influenced by various economic and geopolitical factors.