WTI crude tops $100 again as Middle East tensions fuel supply fears

WTI crude oil has surged back above $100 per barrel amid escalating Middle East tensions, reversing a decline driven by earlier US-Iran peace hopes. Renewed military clashes and attacks on shipping and oil facilities have reignited supply concerns. Prices initially fell in late July on expectations of US-Iran negotiations, including a reported Chinese-brokered dialogue and a halt to attacks. However, a rebound began after Houthi forces struck a Saudi tanker and Iran attacked a US base in Jordan, alongside a significant drop in US crude inventories. The market's trajectory now hinges on whether US-Iran diplomacy can resume or if further conflict will push prices higher. Analysts are closely watching for any escalation that could tighten global supply further.