Brent crude oil prices surged by 4.6% on May 26, rising back above the $100-per-barrel mark as escalating tensions in the Middle East and uncertainty surrounding US-Iran negotiations rattled global markets.

According to trading data, the benchmark crude price reached $100.6 at the time of writing, recovering after briefly dropping to around $95 earlier in the week, The Caspian Post reports.

The rebound came after comments by Donald Trump indicated possible progress in talks with Iran. However, optimism faded quickly following US strikes and Tehran’s warning that it would not “leave any wrongdoing unanswered.”

Reuters reported that prospects for a durable agreement to end the conflict and reopen the Strait of Hormuz for oil shipments remain unclear. US Secretary of State Marco Rubio said negotiations could continue for several more days.

Ole Hansen of Saxo Bank noted that even if an agreement is reached, oil supplies are unlikely to return immediately to previous levels, warning that shortages could persist for several months.