Oil Prices Hit $100 as US-Iran Talks Stall and Fuel Markets Tighten

International oil prices have surged to over $100 per barrel due to concerns over stalled US-Iran peace talks and tightening fuel markets in the United States.

The Brent November futures contract, which expired on Wednesday, increased by about 1 percent to close at $103.53 a barrel. This marks a monthly gain of around 14 percent for Brent, its biggest since July.

Data from the US Energy Information Administration showed that both petrol and distillate fuel oil inventories fell last week, facing downward pressure due to a combination of geopolitical supply disruptions, strong export demand, and strategic reserves release.