Abu dhabi: Oil prices jumped more than 3 percent on Thursday. Brent crude futures rose $3.51, or 3.72 percent, to $97.8 a barrel by 0344 GMT, while the more active August contract gained $3.35 or 3.63 percent, to $95.6. The July contract is set to expire on Friday. The US West Texas Intermediate futures were up $3.31, or 3.73 percent, at $91.99.

According to Emirates News Agency, both benchmarks slipped more than 5 percent to touch their lowest in a month in the previous session. This recent surge represents a significant recovery from the previous trading day's losses, reflecting a volatile market environment as investors weigh various factors influencing global oil supply and demand.