Commodities
Brent Crude Surges Above $100 Amid Ongoing Iran Uncertainty
US futures started October in mixed territory as Brent crude prices bounced back above $100 a barrel. The surge in oil prices comes as uncertainty persists about when the war with Iran will allow for the full restoration of crude flow.
Brent crude, the international standard, rose 2.1% to $100.10 a barrel on Thursday, while US benchmark crude climbed 1.5% to $91.78 a barrel. Oil prices have been volatile in recent months due to concerns about when Iran's oil exports will resume.
The price rebound is linked to indications from Iranian officials that they received an official US response to Tehran's proposal to end the seven-month war. However, it remains unclear what the latest response contained and whether it was a rejection.