Oil prices rebound as US-Iran peace hopes temper Hormuz supply fears

On Tuesday, oil prices enjoyed a modest rise as they bounced back from a previous decline. Investors are tentatively hopeful about the ongoing US-Iran peace discussions, yet they remain cautious about the reopening of the Strait of Hormuz for crude exports. Despite early indicators showing improved maritime movements and declining US strategic oil reserves, skepticism lingers as traders look for solid proof of restoring shipping operations.