Brent Prices Soar on Hopes for Iran Resolution Amid Ongoing Tensions

Brent crude prices rose sharply on Thursday after investors shifted their focus from escalating US attacks on Iran to hopes for a resolution that may resume shipping in the Strait of Hormuz.

The price of Brent futures climbed $1.48, or 1.63 percent, to $92.22 a barrel as of 0707 GMT, while US West Texas Intermediate (WTI) crude gained 43 cents, or 0.51 percent, to $84.89 a barrel.

The increase followed a volatile session where both contracts had erased some losses earlier in the day after settling about 7-8 percent higher on Wednesday.

Vandana Hari, founder of oil market analysis provider Vanda Insights, said Europe was buying up as it 'wakes up to the news' of US attacks. However, analysts noted that investor focus is on the volume of oil exiting key chokepoints and the possibility of a diplomatic breakthrough.