Oil prices bounce back: Brent nears $100 after hitting a more than two-month low

Crude oil prices are on the upswing following major declines fueled by geopolitical tensions. Brent crude approaches the $100 per barrel threshold, while WTI records similar gains. Ongoing conflicts in the Middle East have disrupted refinery operations, leading to a notable drop in global refining activities, especially in Asia and Russia. However, the US has successfully ramped up refining inputs to mitigate worldwide shortages.