Oil Rebounds as US Launches New Strikes on Iran

Oil rebounds after fresh US military strikes on Iran, as the market remains focused on the fragile ceasefire and ongoing peace talks. The reporter notes that oil prices are driven more by rhetoric than actual supply flows, and the biggest risk is a breakdown of talks. Meanwhile, physical and paper oil gaps have closed, but refined products like jet fuel and diesel remain elevated, causing demand destruction in parts of Asia. - Oil prices rebounded on US strikes in Iran. - Market is watching peace talks and Trump's rhetoric. - A breakdown in talks could send oil much higher. - Gap between physical and paper oil has narrowed. - Jet fuel, diesel, and LPG prices remain high. - Demand destruction is occurring in South and Southeast Asia. - Logistical challenges like Panama Canal delays affect supply. - The situation is highly conditional on geopolitical developments.