Oil continues to rise due to Iran uncertainty

Brent rose towards $100 a barrel after closing nearly 4 percent higher in the previous session, continuing its volatile trend since Monday, when prices have fluctuated in a $19 range. Despite the recovery, nearest-maturity futures contracts have fallen nearly 15 percent this week and are on track to record the biggest weekly loss since April 2020.

Hopes for a quicker end to the war are rising, but significant differences remain. Iran wants the US to lift its naval blockade, ease sanctions and release frozen assets before fully reopening the Strait of Hormuz. Still, the New York Times reported that Tehran was reviewing mediator proposals regarding its nuclear program; This shows that Qatar's efforts to prevent a full-scale conflict are gaining momentum.

Brent rose to a six-month high in October after US President Donald Trump threatened new attacks on Iran after the midterm elections. For now, Trump is showing restraint; On the other hand, the fact that Democrats control both houses of Congress may limit the administration's ability to launch new military operations.