Oil Prices Rally: Brent Crude Gains 1.9% to $104.52 a Barrel

AI Summary

Oil prices have resumed their rally after a three-day decline, with Brent crude rising 1.9% to $104.52 per barrel and U.S. West Texas Intermediate futures increasing 1.5% to $97.81 per barrel. The shift follows concerns over Iran's decision to keep enriched uranium domestically, impacting the potential for a peace deal. The International Energy Agency has warned of a possible 'red zone' for oil markets due to increasing travel demand and depleting global stocks. Energy executives suggest that normalization of Middle East oil supply may take until 2027 amid ongoing disruptions in the Strait of Hormuz.