Oil prices are experiencing significant fluctuations as hostilities between the US and Iran escalate, particularly following recent exchanges of fire in the Strait of Hormuz. The situation has sparked mixed reactions in the markets, with oil prices hovering around $100 amid hopes for a potential peace deal. After a brief rally, prices plunged again due to reports suggesting US-Iran talks are nearing a resolution, prompting optimism and leading to gains in stock markets. Despite cautious optimism for peace, the geopolitical landscape remains fragile, with each new development – whether clashes or proposals for peace – causing wild swings in oil and stock prices across the globe.