Oil prices rise 0.7% as investors await Washington’s next steps in the U.S.-Israeli war on Iran, with Brent recovering from a nearly four-week low

Oil prices climbed on Wednesday amid volatile trading as investors awaited Washington’s next steps in the U.S.-Israeli war on Iran. Brent crude and U.S. West Texas Intermediate both rose 0.7%, reversing earlier losses.

By 07:30 GMT, Brent futures had gained 76 cents to $104.36 a barrel, while WTI had risen 63 cents to $96.72. The gains followed Brent’s settlement at its lowest level in nearly four weeks during the previous session.