Oil Rises 1.5 Percent After Fed Keeps Rates Unchanged

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters

London—Oil gained 1 percent on Thursday to snap its three-day decline, as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold.

Brent crude futures rose $1.28, or 1.51 percent, to $85.91 a barrel by 0944 GMT, while U.S. West Texas Intermediate crude futures gained $1.33, or 1.65 percent, to $81.77 a barrel.