Oil Prices Rise on Ceasefire and Supply Boost

Oil prices edged higher today as Brent crude hit $80.51 and WTI reached $77.54, fueled by a ceasefire between Israel and Hezbollah and renewed oil shipments through the Strait of Hormuz under a U.S.-Iran deal. Analysts predict over 85 million barrels could flood global markets, with sanctions lifted on Iranian oil boosting supply. While some experts caution recovery may take months, others believe backlogs can clear swiftly with cooperation. Gulf producers are ramping up exports, and tankers are already entering the Strait. Looking ahead, prices may trend lower over the next year, potentially settling in the $60-$65 range, as demand is expected to rise steadily. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/10dd818cf84a04a3