Oil prices surge as Iran escalates tensions over ceasefire violations. Brent crude jumped 3.6% to $98.20 while U.S. West Texas Intermediate rose 4.6% to $98.78 on Thursday, reversing Wednesday's sharp decline. Iran's parliamentary speaker accused the U.S. of breaching a two-week ceasefire agreement, citing three violations including ongoing Israeli strikes in Lebanon and uranium enrichment restrictions. The geopolitical friction threatens global energy supplies and market stability. Vice President Vance dismissed concerns as typical ceasefire complications. Analysts warn refiners face a critical window to capitalize on sub-$100 barrel prices before potential further escalation disrupts physical supply flows and tightens product availability across markets.
