Brent crude oil returns to above $100 per barrel as the prospect of negotiations between the US and Iran remains uncertain.

Oil prices are widening their gains, with Brent crude prices returning to above $100 per barrel, on conflicting signals regarding a possible ceasefire agreement between the United States and Iran, keeping geopolitical risks elevated. In the European market, Brent crude, as the international oil price benchmark, rose by 4.4% to $101.52 per barrel, while West Texas Intermediate rose by 4% to $91.27 per barrel. Market analysts say that uncertainty remains high and prices are expected to remain volatile in the absence of any reliable signs of easing tensions. According to Goldman Sachs, only 4% of oil flow passing through the Strait of Hormuz is at a normal level, with an estimated 15 million barrels of oil from the Persian Gulf unable to flow per day.