Oil prices swing as US tensions with Iran create uncertainty for global markets

Oil prices have been volatile, rising and falling based on news about military tensions and diplomatic talks between the United States and Iran. The price of Brent crude oil reached a seven-month high, with some analysts forecasting it could reach $80 or even $100 per barrel if conflict escalates.

Headlines show the U.S. launched military strikes on Iran and imposed new sanctions on its missile program and oil sales. In response, Iran reportedly increased its oil shipments and seized tankers. The situation has caused some oil tankers to avoid the vital Strait of Hormuz, a key shipping route.

The market's focus has shifted between fears of conflict and hopes for a diplomatic deal on Iran's nuclear program. Talks between the U.S. and Iran have been extended, causing oil prices to fall when progress seems possible and rise when tensions flare.