Brent Crude Surges Past $100 as US-Iran Tensions Escalate

Brent crude oil prices surged past $100 per barrel on Thursday, but then retreated to finish at $96.78, down almost 4% from Friday's close.

The price drop came after news of China-led peace initiatives, which had previously boosted oil prices.

However, despite the decline, Brent crude still ended the week up nearly 10%, while West Texas Intermediate (WTI) advanced around 8%.

The increased tensions between the US and Iran continue to impact global markets, with inflation returning as a main concern for investors.

Jim Reid, Deutsche Bank's head of macro research, noted that 'inflation has returned as a main concern for markets', citing the ongoing US-Iran strikes and 'no sign of easing'.