What happened
Oil prices experienced a late recovery on Tuesday, ending a two-day decline. This change occurred as traders evaluated the recovery of crude exports from the Middle East against recent shipping incidents near the Strait of Hormuz and renewed conflict close to the Bab al-Mandeb Strait.
The market had previously been experiencing losses, but the recovery in exports helped to stabilize prices. However, the fresh shipping incidents and fighting in key regions introduced new risks, influencing the market's assessment of the situation.
