Oil Volatility Reigns Amid Escalating Tensions with Iran

Oil prices have seen significant fluctuations in recent days due to escalating tensions between the U.S. and Iran, as well as signs that the conflict may be spreading to other parts of the Middle East.

Brent crude futures, the global oil benchmark, were trading at around $89 per barrel, but temporarily reached $100 per barrel last week.

The contract remains above pre-war levels, with prices supported by recent strikes between the U.S. and Iran, as well as indications that the conflict may involve other countries in the region, including Egypt.

An unidentified drone struck gas vessels at Egypt's Damietta port near the Suez Canal on Wednesday, triggering fires and raising concerns about another critical energy transit route coming under threat.