Oil prices are volatile with potential easing of violence after an exchange of fire

Oil prices are volatile due to a potential easing of violence between Israel and Iran after an exchange of fire, while Wall Street points toward gains. Global shares initially sank but partially recovered, with significant declines in Asian markets like South Korea’s Kospi. The U.S.-Israel conflict with Iran has disrupted oil shipments through the Strait of Hormuz and driven up energy prices globally.