Oil Prices Recover as Iran Opens Hormuz Strait

Crude oil futures have been climbing higher on Tuesday after a short-covering bounce following Monday's steep selloff. This means that investors are covering their previous short positions, likely due to concerns over the sharp decline in prices.

The recent price drop was largely attributed to Iran's offer to open the Strait of Hormuz, which is a critical waterway for oil exports. Analysts believe this move could potentially increase global oil supplies and put downward pressure on prices.