Oil Prices Rebound Amid Uncertainty Over US-Iran Conflict Resolution

The oil market has experienced a significant rebound, with Brent crude rising by over 1% to $84.79 a barrel, following a sharp decline in the previous session. This resurgence is largely attributed to the ongoing uncertainty surrounding the US-Iran conflict and its potential impact on global oil supply. Despite US President Donald Trump's claims of ongoing talks with Iran, the Iranian Foreign Ministry has denied any such negotiations, fueling concerns about the stability of the region. The strategic Strait of Hormuz, a critical waterway connecting Gulf oil producers to global markets, remains a key point of contention. With the conflict showing no signs of abating, oil prices are likely to remain volatile, influenced by the dual-chokepoint risk posed by the Strait of Hormuz and the Bab el-Mandeb strait.