Global oil markets have whipsawed this year amid rising geopolitical tensions. In late February, oil prices soared following U.S. and Israeli military strikes on Iran, sending shockwaves through the market. Brent crude surged as high as $138 per barrel as shipping lanes through the Strait of Hormuz came to a halt.
The prospect of a peace deal between the U.S. and Iran has sent oil prices plummeting over the past several weeks, and Brent crude is now hovering around $71 per barrel. Despite the crash, uncertainty surrounding the peace deal and future transit through the Strait of Hormuz remains; investors can take advantage of the recent dip to scoop up one oil stock right now.
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