US-Iran Strikes Send Oil Prices into Volatile Limbo

Oil prices have stabilized after reaching one-month highs earlier in the session due to concerns over supply disruptions following overnight US and Iranian strikes.

Brent crude futures rose by just 9 cents, or 0.1%, to $94.74 a barrel at 08:05 GMT, while US West Texas Intermediate crude futures dropped by 19 cents, or 0.21%, to $90.03, according to Al Jazeera.

Saxo Bank's head of commodity strategy, Ole Hansen, noted that the market is facing a 'binary risk,' where an announcement of a deal or progress could send prices plummeting, while any escalation would undermine the prospects of a peace deal.

Hansen warned that oil remains highly volatile and could see a potential $5 move in either direction on fresh developments.