The prospects for the reopening of the Strait of Hormuz remain uncertain, and oil prices are showing a tug-of-war pattern.

ME News Report, May 5th (UTC+8), crude oil futures prices continued to fluctuate as the market awaits clarity on the reopening prospects of the Strait of Hormuz. Analyst Nikos Chabrass pointed out in his report that recent hostilities could undermine the existing ceasefire agreement, leading to sustained risk premiums. At the same time, he noted that ongoing conflict might push crude oil prices to new highs, but long-term volatility in the energy market could exacerbate demand destruction, thereby putting pressure on the oil rally and potentially causing it to lose support. (Source: MLion)