Oil Prices Hover Near $100 as Conflict With Iran Drags On

Oil Prices Hover Near $100 as Conflict With Iran Drags On describes global crude holding close to the $100-a-barrel level after escalating geopolitical risks. Prices hovered around $100 on Friday following Iran’s rejection of a U.S. cease-fire offer, which has raised concerns that widening conflict could disrupt energy shipments indefinitely. Brent crude was down 1% to $99.62 a barrel, while West Texas Intermediate slipped slightly to $90.82. Earlier Friday, crude rose above $101 and was up nearly 40% since the start of the war. The report cites additional worries after claims of strikes on tankers in the Red Sea by the Iran-backed Houthis, along with their threat to blockade Saudi ships using an alternate route to avoid the Strait of Hormuz. Trading also weighed on Asia stocks, with Japan’s Nikkei down 2.8% and South Korea’s Kospi down 5.7%. Gasoline and diesel prices rose in the U.S., with AAA reporting gasoline at $4.09 a gallon and diesel at $5.21.