Oil Prices Surge Over 1% as West Asia Ceasefire Hopes Dim, Supply Disruptions Mount

• Oil prices rebounded over 1% as optimism for a West Asia ceasefire faded and supply disruptions intensified.
• Brent crude rose to $103.35/barrel, while WTI crude reached $91.40/barrel, recovering from previous losses.
• Iran's review of a US proposal without immediate negotiations dampened ceasefire hopes, suggesting prolonged conflict.
• Disruptions in the Strait of Hormuz, declining Iraq output, and offline Russian export capacity exacerbate global supply strains.
• Countries like Japan consider strategic reserve releases, while India diversifies supply amidst geopolitical tensions.