Oil Markets Whipsaw as Brent Approaches $100 on Iran Tensions

Oil prices experienced extreme volatility after reports of a potential U.S.-Iran framework deal briefly crashed Brent crude, before fresh U.S. strikes pushed prices back toward $100. The chaos was compounded by forecasts of a 'Super Niño' weather pattern that could further disrupt energy markets. The oil price volatility is creating significant moves in commodity-linked currencies, particularly impacting petro-currencies and safe-haven flows. Traders should monitor energy-sensitive pairs as crude oil's approach to $100 typically drives major currency movements.