Oil prices suffered their steepest quarterly decline since 2020, but analysts warn that fragile diplomacy and subdued tanker traffic through the Strait of Hormuz suggest geopolitical risks remain elevated.

Oil prices are sliding on hopes of a Hormuz supply flood, but analysts warn the rebound is driven by stranded tankers, not new flows.

Oil prices rose after renewed U.S.-Iran hostilities heightened concerns over Strait of Hormuz shipping, with analysts warning markets remain overly optimistic about a rapid…