Oil prices recovered a little on Wednesday after sliding earlier this week, as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed U.

A potential ceasefire between Iran and Israel would significantly reduce global oil market tensions by securing crude supplies from Iran and ensuring safe passage through the critical Strait of Hormuz,

The fear throughout the Israel-Iran conflict is that it could squeeze the world’s supply of oil, which would pump up gas prices and hurt the global economy.