Oil gains after selloff, awaits progress on Strait of Hormuz flows

Brent crude futures gained 0.38% to $78.15 per barrel and U.S. WTI rose 0.46% to $74.19, recovering partially after a more than 3% selloff on Monday. The earlier drop followed a U.S. 60-day Iran sanctions waiver and easing Lebanon hostilities, though traders remain sceptical about the Strait of Hormuz reopening, with two tankers carrying close to 2 million barrels passing through on Monday. U.S. Strategic Petroleum Reserve stocks fell to 331.2 million barrels, the lowest since June 1983, signalling tighter supply conditions.