Brent crude fluctuated sharply as geopolitical risks and weather-driven demand concerns roiled energy markets.
Oil markets seesawed as reports of a potential U.S.-Iran deal briefly dragged Brent lower, before retaliatory strikes pushed prices back toward $100. The volatility underscored persistent uncertainty in Middle East supply chains.
Earlier sessions saw Brent dip on hopes of de-escalation, but fresh military actions reversed losses. Analysts noted the lack of clarity on long-term supply disruptions, with traders also monitoring El Niño forecasts.
A potential ‘Super Niño’—with sea surface temperatures rising over 2°C—could lift global cooling demand, further straining LNG and crude markets already grappling with geopolitical shocks.