Oil Rebounds After Steepest Drop Since 2020 as Risks Persist

Oil prices are climbing again after posting their sharpest decline since 2020, as markets reassess geopolitical risks in the Middle East. The Strait of Hormuz remains largely blocked, continuing to constrain global supply despite the recent U.S.-Iran ceasefire. At the same time, doubts about the truce’s durability and ongoing regional tensions are keeping volatility elevated. Traders remain highly reactive to developments, with prices sensitive to any signs of renewed disruption or escalation.