The move followed reported U.S. military strikes in Iran, which increased uncertainty around a potential peace deal and lifted energy market risk premiums.
U.S. oil prices reversed earlier losses and moved toward $95 per barrel after reported U.S. military strikes in Iran raised uncertainty around a potential peace deal. The price reaction reflects how geopolitical conflict in major energy-producing regions can quickly increase risk premiums in crude markets, as traders reassess the potential for supply disruption or prolonged instability.