Global crude oil prices staged a modest recovery on Tuesday, August 4, following a steep decline in the previous session.
The rebound marks a shift in sentiment after benchmarks hit weekly lows, driven by fears that supply routes from the Middle East remained exposed to disruption.
Brent crude and WTI posted gains in early trading, erasing some of the losses incurred as traders evaluated the evolving security situation in the Red Sea.
The price action suggests that the market is recalibrating its risk assessment, moving away from the panic-driven selling that characterized the prior session.
This volatility follows a broader retreat in oil prices over the past week.
Global crude benchmarks had fallen sharply on Friday, reversing significant gains seen earlier in the week.