Global oil prices rebound sharply

The initial market euphoria following the U.S.-Iran truce has evaporated, replaced by fears of a sustained energy shock that could trigger a global recession.

Goldman Sachs has warned that Brent crude could average triple digits for the remainder of the year if shipping disruptions persist for another month.

Physical oil trade remains restricted to a handful of risk-tolerant operators, while major tankers continue to avoid the region due to safety concerns and potential naval mines.

This volatility is driving up fuel and fertilizer costs worldwide, placing immense pressure on both industrial sectors and household budgets.