Crude oil snaps three-day losing streak as geopolitical tensions simmer. Brent crude fell 0.76% to $106.95 per barrel while U.S. West Texas Intermediate dropped 0.65% to $101.52 as markets await Trump's Beijing summit with Xi Jinping. The fragile Iran ceasefire remains on life support, with the Strait of Hormuz closure threatening global supply. Morgan Stanley warns the market faces a race against time, as prolonged disruptions could trigger sharper price rallies if the critical waterway stays closed beyond June. Despite nearly one billion barrels of supply disruption, crude remains below 2022 peaks due to stronger market buffers and rising U.S. exports cushioning the shock. However, economists flag emerging inflationary pressures as higher fuel costs ripple through the broader economy.
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