Global Oil Prices Rebound Amid US-Iran Tensions 📈

Brent crude rose back above US$ 100 per barrel, recovering from a sharp 10% plunge on Monday. The price surged by 4% to reach US$ 104 before stabilizing around US$ 102. Market volatility follows conflicting reports regarding diplomatic talks; while US officials claimed "productive" conversations, Tehran officially rejected these claims as market manipulation. The price fluctuations directly impact Sri Lanka’s energy sector and transportation costs, influencing national inflation and the trade balance as an oil-importing nation. Ongoing geopolitical instability in the Middle East continues to pose risks to the cost of petroleum products and thermal power generation locally.