Oil Prices Spike Nearly 10% As Hopes Of Ukraine Ceasefire Fade

As the White House continues to push back against the oil industry over high gasoline prices, WTI and Brent crude rallied on Thursday to gain nearly 10% by 3:30 p.m. ET. Oil prices rebounded substantially on Thursday after a major selloff earlier in the week. That earlier selloff had stripped away nearly all the gains that crude oil had made after Russia’s invasion of Ukraine and resulting sanctions. By 4:30 pm, WTI’s gains had eased somewhat, but was still trading up $8.21 on the day at $103.30 per barrel. Brent crude was trading up…