Crude prices jumped Thursday on hopes for a truce in the price war between Saudi Arabia and Russia and the possibility of action from the White House to mitigate the effects of last month’s vertiginous drops.

Brent crude oil, the global benchmark, rose 11% to $27.42 a barrel in one of its sharpest rallies of recent years. West Texas Intermediate futures, the bellwether of U.S. prices, rose 10% to $22.35 a barrel. Both benchmarks have shed around 60% of their value so far in 2020.

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