Oil Prices Retreat Amid US-Iran Tensions and Supply Concerns
Global oil prices have eased after reaching a four-year high of over $126 per barrel, driven by concerns over the ongoing US-Iran conflict. The potential for prolonged Middle East supply disruptions has heightened market volatility. Brent crude futures peaked at $126.41 but settled at $114.01, while WTI crude futures closed at $105.07. The conflict has led to the effective closure of the Strait of Hormuz, a critical chokepoint for global oil and gas transit. The situation has caused significant price fluctuations, with analysts noting the market's sensitivity to geopolitical developments. 
