Oil prices pulled back after Monday’s rally, but U.S.-Iran tensions, Strait of Hormuz risks, tight fuel supplies, and bullish Brent and WTI technical setups keep the breakout outlook alive.

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Oil Prices Recover as Tight Supply Offsets Middle East Peace Optimism

Oil prices recovered after Wednesday’s sharp drop as traders remained cautious about the Middle East peace outlook, while tight supply and falling U.S. inventories kept Brent and WTI supported.

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Oil falls 3% on Middle East peace hopes, Brent below $100 a barrel

By Siddharth Cavale NEW YORK, May 7 (Reuters) - Oil prices fell 3% on Thursday, bouncing off session lows in volatile trade but staying down about 3%, keeping Brent below $100 a barrel on hopes that a ...

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Brent crude slips below $100 as oil reverses gains amid heightened volatility on US-Iran closing deal

Brent crude oil benchmark fell over 2% to $99.15 per barrel after inching gains above $102 earlier today, while West Texas Intermediate hovered near $94, dropping from $96 per barrel.

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Oil and gas prices fall sharply, driven by hopes of strait of Hormuz reopening – as it happened

Iran’s Islamic Revolutionary Guard Corps navy has announced the strait of Hormuz could reopen following the end of ‘threats from aggressors’ ...

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