Oil prices climb on Middle East de-escalation hopes. U.S. West Texas Intermediate crude futures rose more than one dollar to $91.42 per barrel in early Thursday trading, recovering losses from Wednesday's 2.2% decline. The rally reflects investor optimism as Iran reviews a U.S. proposal aimed at ending regional conflict and restoring energy flows from the Gulf. WTI traded up 93 cents, or 1%, at $91.25 per barrel as of 2225 GMT. While Iranian officials have publicly dismissed negotiations with the Trump administration, a delayed formal response to Washington's 15-point proposal suggests some Tehran figures may be considering it. The White House indicated stronger pressure could follow if Iran fails to acknowledge military defeat. Geopolitical tensions significantly impact crude markets, and any progress toward de-escalation typically supports price recovery.
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