Brent Crude Hits 107 Dollars Amid Middle East Escalation

Oil prices surged by more than 4% on Thursday, rebounding from previous losses as investors grew increasingly concerned that a widening conflict in the Middle East could lead to prolonged supply disruptions. Brent crude futures rose by $4.77, or 4.7%, to settle at $106.99 a barrel, while United States West Texas Intermediate crude gained $3.74, or 4.1%, to reach $94.06.

The geopolitical situation remains tense as Iran reviews a proposal from Washington to end the current hostilities. Despite the review, the Iranian foreign minister indicated that the country has no plans to engage in direct negotiations. Meanwhile, the White House has signaled a tougher stance, with press secretary Karoline Leavitt noting that the administration would increase pressure if Tehran does not acknowledge military setbacks.