[MARKET UPDATE] Oil futures pare some of their gains with Brent crude back below the USD 100/bbl and with WTI returning beneath USD 94/bbl after reports that Iran gave permission for Indian oil tankers to pass through the Strait of Hormuz

Oil futures have retraced some gains as Brent crude dips below $100/bbl and WTI falls beneath $94/bbl. This movement follows reports of Iran permitting Indian oil tankers in the Strait of Hormuz, which may ease supply concerns, influencing both prices and inflation expectations in the broader market.