Oil prices rebound after sharp sell-off

Brent crude had fallen below $100 per barrel amid expectations that the conflict between the United States and Iran could come to an end, but renewed concerns over shipping security in the Middle East supported a recovery in prices. Brent crude closed trading on November 5 up 3.88% at $98.29 per barrel, while West Texas Intermediate (WTI) crude gained 2.72% to settle at $90.52 per barrel.

Energy markets are closely monitoring security risks around the Strait of Hormuz and the process of normalizing oil shipments. Continued incidents involving commercial vessels in the region have prevented supply concerns from fully subsiding despite expectations of a diplomatic resolution. Although oil prices have recorded sharp losses over the week, short-term volatility is expected to persist as investors focus on developments between the United States and Iran and the outlook for global oil demand.