Oil prices climbed more than two per cent today, recouping a portion of the previous session’s losses amid persistent supply concerns stemming from heightened tensions across the Middle East.

Brent crude futures advanced USD 2.74, or 2.7 percent, to settle at USD 102.95 per barrel, while West Texas Intermediate crude rose USD 2.45, or 2.6 percent, to reach USD 95.95.

Brent crude futures had recorded a 2.8 percent decline at the previous settlement, while West Texas Intermediate tumbled 5.3 percent following reports that several vessels had navigated through the strait.

The Strait of Hormuz – through which 20 percent of global oil and liquefied natural gas trade transits – has experienced significant disruption amid the US-Israeli war on Iran, now entering its third week, fueling concerns over supply shortfalls, soaring energy costs, and mounting inflationary pressures.

Benchmark crudes produced in the Middle East have surged to all-time highs, becoming the most expensive grades globally, which traders attribute to dwindling supplies available for delivery.