Oil futures edged higher in early Asian trade after slipping for four straight sessions. Front‑month WTI crude rose 0.6% to $76.54 a barrel, suggesting a technical bounce rather than a fundamentals‑driven rally. Traders cited the price move as a short‑term correction to oversold conditions following Tuesday’s decline, amid concerns over Gulf supply disruptions.

HSBC Global Investment Research noted the U.S.–Iran memorandum of understanding as “clearly positive” but warned investors to demand proof it endures. Analysts said even if navigation through the Strait of Hormuz resumes, traffic normalization will lag. Under an optimistic view, late July may see meaningful flow recovery, with near‑full output returning only by end‑September. These timelines influence both spot and futures markets globally.

The cautious outlook tempers any bullish sentiment from the technical lift, keeping inventories tight and price volatility elevated. Energy funds may hold positions pending clearer evidence of sustained shipments, while refiners watch for any shift in crude availability. At $76.54, WTI remains above the $75 barrier that has anchored recent trading ranges. Investors will watch upcoming OPEC+ meetings for further guidance.