Crude Oil Prices Gain as Ceasefire Uncertainty Keeps Supply Risks in Focus

Oil prices rose on heightened US-Iran tensions and supply risks around the Strait of Hormuz, while Iran's rejection of talks and disruptions to Russian oil exports added upside risk. A surprise rise in US crude inventories tempered moves and left markets volatile and uncertain about near-term supply dynamics.

Analysis

Oil prices rose on heightened US-Iran tensions and supply risks around the Strait of Hormuz, while Iran's rejection of talks and disruptions to Russian oil exports added upside risk. A surprise rise in US crude inventories tempered moves and left markets volatile and uncertain about near-term supply dynamics.