Oil prices climb toward $100 as US-Iran conflict fears return

Oil prices are rising again, with Brent crude approaching $100 per barrel, as investors fear a new phase of escalation in the US-Iran conflict. This comes just two days after prices dropped following the Democrats' sweeping victory in the US midterm elections. Bob McNally, president of Rapidan Energy Group, estimates an 80% probability of renewed military clashes, challenging expectations that the election defeat would push President Trump toward a deal with Tehran. Brent futures rose 1.67% to $99.90, while WTI gained 1.43% to $91.69 in Asian trading on Friday. Iran reported three more attacks on tankers in the Strait of Hormuz on Thursday, with incidents approaching historic highs. Tehran has sent a new nuclear proposal to Washington via Qatar, but analysts warn the fundamental disagreement over Iran's nuclear capabilities remains unresolved, keeping geopolitical uncertainty high.