Oil Prices Steady As Experts Assess Israel-Iran Ceasfire

IRAN – Global oil prices recovered a little on Wednesday after sliding earlier this week, as investors assessed the stability of a ceasefire between Iran and Israel.

Oil prices had surged to a five-month high over the weekend following a United States airstrike on Iran’s nuclear facilities. In response, Tehran launched a retaliatory attack on a U.S. air base in Qatar, keeping global energy markets on edge.

However, prices dropped sharply on Tuesday after it appeared that Iran was holding off on further attacks for now, including refraining from closing the Strait of Hormuz, a critical chokepoint in global trade.

Brent crude, the international benchmark for oil prices, has tumbled more than 5.6 percent so far in the trading day and is currently trading at around 66 dollars a barrel.

While the market appears to be stabilizing for now, analysts say tensions in the region continue to cast a long shadow over global energy security.