NEW YORK: Crude futures closed higher on Thursday, rebounding from the previous session's losses, as hopes for a swift end to the war in the Middle East faded. Brent futures rose US$5.79 or 5.7% to settle at US$108.01 per barrel on Thursday, while the US West Texas Intermediate crude futures gained US$4.16, or 4.6% to close at US$94.48 a barrel. Iranian Foreign Minister Abbas Araqchi said earlier that Iran was reviewing the US proposal but that there were no talks on winding down the war. In the meantime, Iraq's oil production has slumped, with storage tanks reaching high and critical levels, three Iraqi energy officials said on Wednesday. Iraq was the second-biggest crude producer in Opec behind Saudi Arabia in 2025, according to US Energy Information Administration data.

Source: The Star March 27, 2026 12:04 UTC