Oil Markets Tense Up as Diplomacy Takes Center Stage The latest salvo in the Iran U. S. standoff has sent shockwaves through oil markets, with Brent crude futures surging 1. 53% to $101. 88 a barrel and U. S.
West Texas Intermediate advancing 1. 5% to $97. 22 per barrel. The warning from U. S.
Treasury Secretary Scott Bessent that all Iranian airlines will be shut down from Wednesday has effectively cut off fuel, landing services, and ticket sales.