Oil prices rebounded on Tuesday, recovering part of the previous session’s losses as renewed supply concerns around the Strait of Hormuz lifted sentiment in global energy markets. 

Brent Crude rose $2.74, or 2.7%, to $102.95 a barrel by 0357 GMT, while West Texas Intermediate gained $2.45, or 2.6%, to $95.95 a barrel, reversing part of Monday’s decline when Brent settled 2.8% lower and WTI dropped 5.3%.

The recovery came as markets reassessed risks after only limited tanker movement was reported through the strategic waterway, through which roughly one-fifth of global oil supplies normally transit. Traders said persistent uncertainty over shipping conditions, insurance costs and possible delays in Gulf exports continued to underpin prices despite some vessels managing to cross the passage on Monday.

Analysts said volatility is likely to remain elevated as long as normal traffic through Hormuz is not fully restored. UBS Group AG strategist Giovanni Staunovo noted that the longer disruptions persist, the greater the risk of production shut-ins in the Gulf, which could push prices higher until demand destruction begins to appear.

Separately, geopolitical tensions remained in focus after several US allies reportedly declined Washington’s request to deploy naval assets to support tanker movement through the strait.

Reuters said countries including Germany, Spain and Italy resisted calls for direct military participation, arguing that further escalation should be avoided even as discussions continue over possible non-combat maritime support.