Brent crude rises to $87.06 per barrel

Oil prices rose on Wednesday morning after posting steep declines over the previous two trading sessions, Report informs.

September Brent crude futures on the ICE Futures exchange climbed 3.53% to $87.06 per barrel, recovering from the previous session's close.

Meanwhile, September West Texas Intermediate (WTI) crude futures traded on the New York Mercantile Exchange (NYMEX) advanced 3.31% to $81.88 per barrel.

Both benchmark crude contracts had settled at two-week lows on Tuesday amid a halt in exchanges of strikes between the United States and Iran and reports that negotiators from Iran and Oman were seeking an agreement to restore shipping through the Strait of Hormuz.

The latest gains reflect a partial recovery in the oil market following the sharp sell-off in the previous sessions.