Brent Reclaims $100 as Peace-Fueled Selloff Fades

Brent crude has moved back above $100 a barrel after the prior day's peace-driven rally quickly reversed. Oil had posted an 11% one-day drop after former U.S. President Donald Trump said "productive talks" were taking place, but the move lasted less than 24 hours. Overnight, Iran launched fresh waves of missiles at Israel. Saudi Arabia said it intercepted 19 Iranian drones heading toward its oil-rich Eastern Province. Kuwait reported power outages caused by shrapnel from air-defense activity. Key developments: 1) Iran's foreign ministry said no talks are under way. 2) Israel said it will continue striking Iran regardless of diplomatic efforts. 3) Traffic through the Strait of Hormuz remains gridlocked. 4) Brent is at $102 today, still up more than 40% since the war began. The IEA said the supply disruption is worse than the 1970s oil shocks combined. 5) Goldman Sachs forecasts $147 if the conflict is not resolved soon.