Oil Prices Climb 2% as Gaza Ceasefire Talks Begin

After shedding gains on Wednesday following a U.S. crude inventory build and the Biden administration’s suggestion that a Gaza ceasefire deal could halt an Iranian attack on Israel, prices are now reversing again, with WTI gaining nearly 2% and Brent solidly back above the $80 mark.  At 12:16 p.m. ET on Thursday, U.S. benchmark West Texas Intermediate (WTI) was trading up 1.81% at $78.37 per barrel, while Brent crude was trading up 1.86% at $81.24.  Despite data showing a surprise U.S. inventory build, U.S. economic data appears…