Oil swung wildly on Thursday, rising past $126 a barrel to its highest level since the Middle East conflict began before dropping more than $13 as traders fretted they had overreacted to the latest twist in the Iran conflict.
Brent crude, the international oil benchmark, for June delivery settled 3.4 per cent lower to $114.01 a barrel in thin trading after jumping as high as $126.41 a barrel earlier in the day — the highest price since 2022.
Traders said the market was particularly volatile because of the monthly expiry of Brent futures on Thursday, when anyone holding a contract has to convert it into a deal for physical crude.
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