NEW YORK: Oil prices swung between gains and losses in volatile trading on Thursday, ultimately settling lower after a report said Saudi Arabia and Kuwait lifted restrictions on the United States' use of its airspace and military bases, allowing the US to restart operations to escort commercial ships through the Strait of Hormuz as early as this week.
Brent crude futures settled down 1.2% or US$1.21 at US$100.06 a barrel, while US West Texas Intermediate crude futures settled down 0.28% or 27 cents at US$94.81. Both benchmarks had earlier declined by as much as US$5 a barrel on optimism that Washington and Tehran were moving toward a limited, temporary agreement to halt their conflict.
