Brent crude rose 1.3% from the previous trading day to $106.13.

Brent crude futures rebounded 1.3% to $106.13 a barrel on the 3rd, recovering from a more than 7% plunge the prior session, while WTI rose $1.45 to $97.91 a barrel as of 7:43 p.m. KST, according to Reuters. The previous day's selloff came as expectations grew for an end to the war following consultations between Iran and Qatar, but a senior Iranian official said on the 3rd that a ceasefire agreement with the US remains far off and that excessive US demands would not be accepted. The reversal matters because it shows how quickly oil prices are swinging on conflicting signals about Middle East de-escalation. Traders will watch whether US-Iran talks advance or stall, with the gap between Brent and WTI near $8 a barrel reflecting continued supply risk premium.