The oil market is experiencing significant fluctuations as tensions and negotiations between the U.S. and Iran continue to unfold. Recent U.S. strikes in Iran have led to a spike in Brent crude prices, jumping over 3% as fears of retaliation loom. However, optimism surrounding a potential peace deal has caused oil prices to dip and rise erratically, with prices bouncing around the $100 per barrel mark. Despite some gains, the market remains jittery as mixed signals about the peace talks and the reopening of the Strait of Hormuz contribute to uncertainty. Analysts are closely watching these developments, which could dictate the future of oil prices amidst ongoing geopolitical tensions.