Oil swings on Iran tensions vs sanctions relief, eyes on Middle East energy

Oil prices swung between gains and losses as traders weighed threats to energy facilities from the US–Iran crisis against Washington’s temporary relief on Iranian oil sanctions. Brent traded around $112.84/bbl and WTI near $98.75/bbl, with the Brent–WTI spread at multi‑year highs. Analysts said escalation could keep prices elevated even if Hormuz reopens, as Gulf energy assets are damaged and Iraqi Basra production is cut. India and other buyers are examining Iran purchases, while the IEA’s Fatih Birol called the crisis very severe, underscoring risk to global energy flows.