Oil prices recovered a little on Wednesday after sliding earlier this week, as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed U.

The fear throughout the Israel-Iran conflict is that it could squeeze the world’s supply of oil, which would pump up gas prices and hurt the global economy.

A potential ceasefire between Iran and Israel would significantly reduce global oil market tensions by securing crude supplies from Iran and ensuring safe passage through the critical Strait of Hormuz,