Crude oil prices surged again on Thursday, rebounding from the previous session’s losses as hopes for a swift end to the Middle East conflict diminished and geopolitical tensions intensified.

Brent crude rose 5.7% to settle at $108.01 per barrel, while U.S. WTI gained 4.6% to $94.48. Despite the price increases, trading volumes remained relatively low, indicating continued investor caution.

On the diplomatic front, the United States presented Iran with a 15-point proposal aimed at ending the conflict. Tehran is currently reviewing the plan but has described it as “one-sided and unfair.” Meanwhile, U.S. President Donald Trump stated that Iran had proposed allowing 10 tankers to pass through the Strait of Hormuz as a gesture of goodwill.

Market sentiment remains fragile, with investors increasingly turning to safe-haven assets amid conflicting reports and heightened uncertainty. At the same time, military activity is escalating, with the U.S. considering deploying additional troops to the Gulf and Houthi forces threatening new attacks on key maritime routes.

The conflict has severely disrupted transit through the Strait of Hormuz—through which roughly one-fifth of the world’s oil and LNG supply flows—resulting in what the International Energy Agency describes as the most significant disturbance to global energy markets in recent years.