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Oil prices rebounded in early Asian trading Tuesday, reversing some of yesterday’s losses as ongoing Middle East tensions and supply concerns outweighed the impact of strategic reserve releases.
By 4:30 a.m. Cyprus time, West Texas Intermediate (WTI) crude had risen 2.71% to $96.03 a barrel, recovering from a sharp 5.28% drop the day before. Meanwhile, Brent North Sea crude climbed 2.78% to $103, following a 2.84% decline yesterday.
For Cyprus consumers, the rebound could soon translate into higher fuel prices at the pump, as rising global crude costs typically feed into local petrol and diesel rates. Analysts warn that households and businesses may feel the pinch, especially with summer driving season approaching, though exact price changes will depend on import costs and taxes.
The market recovery shows that, despite the International Energy Agency (IEA) releasing emergency reserves to ease pressure, supply worries linked to the Middle East continue to dominate oil trading decisions.
