Oil reverses intraday gains as Brent hovers near 2022 highs amid Middle East tensions

Oil prices pulled back from an intraday spike after Netanyahu said Iran has no capacity to enrich uranium, with Brent trading around $106.50—near its highest level since July 2022 after a session high near $119—while WTI hovered around $94. The moves reflect ongoing supply worries from the Iran–Israel conflict and Strait of Hormuz disruptions, set against a backdrop of cautious central-bank commentary on policy paths amid higher energy costs.