Oil prices rebound amid US-Iran tensions
Oil prices have risen into triple digit levels due to a lack of progress in US-Iran talks. The two parties were reportedly close to a deal, but both sides rejected the proposals.
The market has been rangebound for several weeks, waiting for new developments. The unlimited ceasefire is acting as a ceiling for oil prices, while tensions and lack of breakthrough are acting as a floor.
The reopening of the Strait could take oil prices back to pre-war levels, but if the war were to restart, prices could spike into new cycle highs.