Oil prices have largely erased the sharp gains triggered by the recent U.S.-Iran conflict. Still, energy analysts warn the market may be underestimating the lingering risks to global oil supplies, particularly as shipping through the Strait of Hormuz remains far from normal.
Brent crude, the international benchmark, traded below $74 per barrel on Tuesday morning after spiking to almost $120 during the height of the conflict in late April, according to CNBC. The decline reflects optimism that the ceasefire between the United States and Iran will hold and that diplomatic efforts could prevent a broader regional war.
