Oil rebounds above $83 as Gulf tensions keep supply risks elevated

Crude oil prices rebounded to near $83.50 per barrel on Thursday, recovering more than half of Tuesday's losses after a volatile session that saw prices dip above $80.00 before surging over $3.00 higher. The price swing reflects market uncertainty over the stalled June framework signed at Versailles, with Washington rejecting the memorandum as too soft while Tehran's Revolutionary Guard insists the Strait of Hormuz remains closed until the U.S. resumes implementation. Both sides refuse to accept the other's interpretation of the agreement's fifth paragraph, with diplomatic efforts by Pakistan, Oman, and Qatar failing to break the deadlock. The physical supply constraint remains unchanged, with a tanker struck off Oman on Tuesday and the blockade stated to be in full force. Technical indicators show bullish momentum above the 50-day EMA near $81.50, with resistance at $84.00 and support at $80.00.