Oil's Fragile Truce: A Mirror Held Up to Global Politics The oil market's recovery from last week's losses is driven by a fragile truce between the US and Iran.
This temporary lull in hostilities is far from a genuine ceasefire, as evidenced by continued military exchanges and reduced shipping traffic through the Strait of Hormuz.
Brent prices are poised for a 6% weekly gain, while West Texas Intermediate (WTI) may rise around 5%. However, these gains could be short lived if tensions escalate further.