Brent crude rises 2% to $105.11 amid US-Iran diplomacy

Brent crude: Brent crude is the leading international benchmark for pricing oil produced outside North America and is widely used to assess global energy-market conditions. It is relevant to the news because its price rose as traders reduced expectations of an imminent breakthrough in US-Iran diplomacy, keeping geopolitical supply risks in focus. Supply concerns: Oil-market sentiment has also been influenced by disruptions affecting Gulf-region supply and efforts to restore Saudi export flows, making diplomatic developments especially important for Brent pricing. Geopolitical risk: Recent market coverage has shown Brent prices reacting sharply to changing expectations about US-Iran negotiations, with diplomatic hopes previously weighing on prices before renewed tensions supported them. Market volatility: Brent has recently experienced large day-to-day swings as traders weigh the possibility of de-escalation against risks to Iranian exports and shipping through key Gulf routes.