Oil prices surged back above $100 a barrel as conflicting reports emerged about potential talks between the United States and Iran, creating market volatility.

• Brent crude oil rose 4% to $103.94 a barrel, while Nymex Light Sweet was up 4.1% to $91.75.
• Tensions escalated after President Donald Trump threatened strikes on Iranian power plants if the Strait of Hormuz was not reopened, although he later stated there had been "productive" conversations, which Tehran denied.
• About 20% of the world's oil and liquefied natural gas typically passes through the Strait of Hormuz, which has been effectively blocked by Iran since the conflict began on February 28.