Crude-oil prices jumped Thursday, extending a period of huge volatility that has ricocheted through the energy industry and broader financial markets. Traders are bracing for more gyrations in the coming weeks.

West Texas Intermediate futures that will deliver oil in June, the U.S. benchmark, rose 11% to $15.25 a barrel. Brent-crude futures, used to set prices for oil throughout global energy markets, rose 7.1% to $21.81 a barrel.

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