Oil Rises in Choppy Session as Saudi Supplies Hit By Attacks

Oil climbed in choppy trading as a tenuous ceasefire between the US and Iran failed to allay fears of further disruptions to Middle Eastern flows, while shipping through the Strait of Hormuz remains largely blocked.

West Texas Intermediate’s May contract swung in a more than $7 range before settling higher near $98 a barrel. Brent for June edged up to end the day just below $96. Both benchmarks lifted by roughly $2 in post-settlement trading.

Prices rallied into market close as Saudi Arabia’s press agency said the nation’s oil production capacity has been cut by around 600,000 barrels a ...