Crude Oil is trading 1.3% up at $70.13 amid a partial rebound from last week’s sharp selloff and heightened geopolitical risks.

  • Geopolitical tensions have resurfaced following fresh Iran–U.S. military escalation and potential threats to tanker traffic in the Strait of Hormuz.
  • Iraq’s threat to exit OPEC has refocused market attention on potential supply disruptions, adding further uncertainty to the global production outlook.
  • The recovery follows a period where prices touched four-month lows, previously pressured by accelerating exports from the Persian Gulf.