Oil Prices Edge Higher as Ceasefire Eases Geopolitical Tensions; Asian Markets Stabilize

Oil prices climbed modestly on Wednesday as traders assessed the durability of a fragile ceasefire between Iran and Israel. Brent crude futures rose 1.3% to $67.99 per barrel, while U.S. West Texas Intermediate gained 1.4% to $65.24. Both contracts hovered NEAR multi-week lows after spiking to five-month highs during recent hostilities.

Asian markets steadied alongside the energy complex, with the dollar dipping 0.1% against the yen to 144.70. The relative calm follows 12 days of escalating conflict that had threatened regional stability. JP Morgan analysts noted, "Global energy prices are moderating following the Israel-Iran ceasefire. The base case for our oil strategists remains anchored by fundamentals."

Market participants continue weighing the geopolitical landscape after U.S. airstrikes reportedly set back Iran's nuclear program by mere months—contrary to earlier claims of complete destruction. The de-escalation has allowed both nations to lift civilian restrictions while claiming victory.