WASHINGTON (dpa-AFX) - Oil prices regained some footing on Thursday after having fallen sharply in the previous session on hopes that the huge amounts of sanctions-hit Russian oil could be largely replaced by sourcing from elsewhere.
Benchmark Brent crude futures jumped 5.2 percent to $116.94 per barrel, while WTI crude futures were up 4.5 percent at $113.58.
Both contracts fell over 12 percent on Wednesday amid hopes for peace talks between key producer Russia and Ukraine, and the talk of gradual supply increase.
The United States is tapping Iran, Saudi Arabia and Venezuela for oil but it's not clear any US diplomacy could get more crude oil on the market fast enough to help the current supply crunch.
Iraq said on Wednesday that its crude oil exports are in line with the consumption in the world oil market, ruling out the need to increase oil production.
There were conflicting comments from the United Arab Emirates on whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.
With the Ukraine war still raging and crude oil supplies still tight, analysts say that oil prices will likely remain high for a longer spell.
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