Crude oil prices advanced during volatile trading as a fragile ceasefire agreement between the U.S. and Iran failed to ease concerns over further disruptions to Middle Eastern supplies, with shipping through the Strait of Hormuz remaining largely obstructed.

After fluctuating within a range of more than $7, May WTI settled near $98 per barrel, while June Brent crude recorded a modest increase, closing below $96 per barrel.

Both benchmark oil prices rose by approximately $2 in post-settlement trading.

Prices climbed ahead of the market close following a report by the Saudi Press Agency indicating that an attack on a Saudi pipeline had reduced daily transport capacity by 700,000 barrels.

Kuwait announced it had intercepted drone attacks, with several critical facilities being targeted.

These recent developments serve as a reminder that tensions in the Persian Gulf region remain elevated.

U.S. Vice President Vance is expected to lead a delegation in talks with Iran scheduled for Saturday in Pakistan.

Shipping through the Strait of Hormuz continues to face restrictions, and even if transit resumes, energy supplies are unlikely to return to normal quickly.

"The reality is that the situation remains unresolved, with missiles, sea mines, and drones still active in the region," said Carl Larry, an energy analyst at Enverus.

May WTI rose by 3.7%, settling at $97.87 per barrel.

June Brent increased by 1.2%, settling at $95.92 per barrel.