Oil prices have rebounded after falling due to concerns about a prolonged supply disruption in the Strait of Hormuz. Brent crude gained around 4% to trade above $91 a barrel, while WTI rose about 4.5% to around $87 a barrel. The rally followed sharp declines, suggesting traders may be skeptical about the International Energy Agency's proposal to release oil reserves. The IEA reportedly plans to release up to 400 million barrels of oil from various countries' strategic petroleum reserves, which would exceed the 182 million barrels they put onto the market in two tranches in 2022 when Russia launched its full-scale invasion of Ukraine. Depending on the size of the reserve release, there could be some capping in oil prices in the coming days. However, there are few signs of de-escalation in the conflict.