Arabic version: ارتفاع سعر النفط الخام برنت إلى أكثر من 100 دولار وسط تقارير عن مفاوضات أمريكية إيرانية

The price of Brent crude oil has surged back above $100 a barrel, following a significant drop on Monday. On Tuesday in Asia, the oil benchmark increased by 4% to $103.94, while Nymex Light Sweet rose by 4.1% to $91.75. This rebound comes as conflicting reports about potential talks between the United States and Iran surface.

According to BBC News, the price of Brent had previously fallen more than 10% after US President Donald Trump announced a delay in threatened strikes on Iranian power plants. Trump described conversations with Tehran as “productive,” but Iranian officials dismissed these claims as market manipulation.

Tensions escalated over the weekend when Trump threatened to “obliterate” Iranian power plants if the critical Strait of Hormuz shipping route was not reopened within 48 hours. In response, Iran indicated it would target key infrastructure in the region. These developments caused Brent oil prices to spike to $113 a barrel before the market corrected following Trump’s announcement to hold off on military action.

The ongoing conflict, which intensified after US and Israeli attacks on Iran on February 28, has led to volatile trading in global energy markets. Since the onset of hostilities, Iran has effectively blocked the Strait of Hormuz, a crucial passage for approximately 20% of the world’s oil and liquefied natural gas.

While oil prices have fluctuated, Asian stock markets showed relative stability on Tuesday, rebounding after sharp declines on Monday. Japan’s Nikkei 225 increased by 0.8%, the Hang Seng in Hong Kong rose by 1.6%, and South Korea’s Kospi gained 2.2%. Countries worldwide are taking measures to mitigate the impact of rising energy prices and supply disruptions, including the US temporarily waiving sanctions on Russian and Iranian oil already at sea.