Oil prices rebound on supply concerns following US military action targeting Iranian missile sites and vessels near the Strait of Hormuz.
West Texas Intermediate crude oil climbs toward $90.60 per barrel in Asian trading, reversing a four-day losing streak. The recovery follows US self-defense strikes in southern Iran, which targeted missile launch sites and Iranian vessels attempting to deploy mines near the Strait of Hormuz.
Prices had dropped over 6% on Monday after reports suggested progress in US-Iran negotiations to reopen the Strait of Hormuz and extend a ceasefire. A Pakistani mediator indicated an agreement was close, though President Trump warned of potential military escalation if talks collapsed.
Iranian media reported explosions in Bandar Abbas, while the US military emphasized restraint during the ceasefire. The proposed deal includes lifting a US maritime blockade in exchange for Iran reopening the critical oil transit route.