Kuwait: Oil prices rose about $1 in early trade on Thursday, rebounding from the previous day's sharp losses, as investors weighed the prospects of a Middle East peace deal succeeding. Brent crude futures were up 88 cents, or 0.9%, at $102.15 a barrel. US West Texas Intermediate gained $1.12, or 1.2%, to $96.20 a barrel.

According to Qatar News Agency, both benchmarks slumped more than 7% on Wednesday due to optimism over a potential end to the Middle East conflict. Investors are closely monitoring developments in the region, which has a significant impact on global oil supply and prices. The recent fluctuations in oil prices underscore the market's sensitivity to geopolitical developments and the potential for peace in the region could result in further market shifts.