Oil Prices Jump, Reversing Course from 5% Drop

Oil prices have rebounded, with Brent crude rising 98 cents to $84.75 a barrel and US crude gaining 15 cents to $80.49 a barrel. This reversal comes after oil prices dropped more than 5% a day earlier, following US President Donald Trump’s decision to hold off on new strikes against Iran. The price of Brent crude has been volatile, careening between $72 and $102 last month due to worries over the war in Iran and the freedom of oil tankers to exit the Persian Gulf. Global shares have edged mostly higher, with France’s CAC 40 adding 0.3% and the German DAX surging 0.9%. US shares are set to drift higher, with Dow futures up 0.1% and S&P 500 futures rising 0.2%. The US dollar has risen to 157.80 Japanese yen, and the euro has inched down to $1.1513. Analysts have noted that the effectiveness of the US-Japan currency intervention remains uncertain, as it does not address the fundamental economic reasons behind currency fluctuations.