Oil: Brent Falls After Thursday Rally.

Brent crude oil traded around $90 per barrel on Thursday after surging 7.9% in the previous session, as markets balanced renewed geopolitical tensions against signs that oil flows through the Strait of Hormuz were improving. According to Kpler, 14 commodity vessels transited Hormuz in both directions on Wednesday, up from single-digit levels seen last week. Meanwhile, ample crude inventories in China continued to limit import demand, easing some supply concerns. Still, US forces struck dozens of Iranian military targets in an effort to curb Tehran’s ability to threaten regional shipping and US allies. Also, the East-West pipeline to bypass Hormuz that Saudi Arabia has increasingly relied on now faces risks from Iran-backed Houthis. On top of that, the Caspian Pipeline Consortium suspended oil loadings at its Black Sea terminal after two tankers associated with the facility were attacked overnight.