Oil prices have experienced significant fluctuations recently, with crude surpassing $100 per barrel as escalating tensions in the Middle East and the ongoing Russia-Ukraine conflict contribute to concerns over supply disruptions. Geopolitical risks have led to prices reaching nearly $110, marking the first time since May that oil has traded at such levels. Factors such as military conflicts, attacks in Saudi Arabia, and uncertainties regarding the Strait of Hormuz continue to influence the market. Despite mixed signals, traders are weighing the impact of potential U.S. inventory draws and emergency reserve releases against rising tensions and supply risks, indicating that unless diplomatic resolutions are achieved, prices may continue to rise.