Geopolitical Relief Triggers Oil Pullback
Global energy markets saw a temporary reprieve as crude prices retreated following heightened Middle East tensions. Brent crude settled at $96.90 a barrel, while WTI traded at $95.26, with gains narrowing sharply from earlier peaks amid calming sentiment.
Strait Access Partially Restored, Easing Concerns
A senior Iranian official confirmed that certain commercial vessels have been allowed to pass through the Strait, signaling limited but critical continuity in global oil transit. This development has significantly reduced fears of a full blockade.
- The Strait handles about one-fifth of global oil shipments, making it a key chokepoint
- Earlier fears of closure sent oil surging over 10% in a single session
- While access remains constrained, partial movement is enough to shift market dynamics
Traders remain cautious, noting that geopolitical risks persist. However, the current flow of maritime traffic suggests supply disruptions may be less severe than initially feared, at least in the short term.