Oil prices climbed more than 2% in early trading on Tuesday, recovering part of the sharp losses recorded in the previous session, as concerns over global supply intensified amid disruptions in the Strait of Hormuz.
Brent crude futures rose by $2.48, or 2.5%, to $102.69 per barrel by 0058 GMT. Meanwhile, US West Texas Intermediate (WTI) crude gained $2.42, or 2.6%, reaching $95.92 per barrel.
The rebound followed a decline on Monday, when Brent settled 2.8% lower and WTI dropped 5.3%, after reports indicated that some vessels had managed to pass through the crucial shipping lane.
Meanwhile, the head of the International Energy Agency, Fatih Birol, said on Monday that additional strategic oil reserves could be released if needed to offset the impact of the near-complete disruption of supplies moving through the Strait.
Birol added that combined government and industry emergency stocks still exceed 1.4 billion barrels, providing room for further releases if the crisis persists.
