Oil prices rose about 2 percent on Wednesday as investors sought bargains after the previous session's slump.
The upside comes after a cargo container ship that's among the largest in the world ran aground and blocked the Suez Canal, threatening to disrupt a global shipping system already strained by the coronavirus pandemic.
Brent crude for May settlement jumped 2.1 percent to $62.09 per barrel, after having tumbled 5.9 percent and hit a low of $60.50 the previous day.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.