Oil prices remain volatile as of Monday, with Brent crude rising above $114 per barrel, while West Texas Intermediate remains steady around $105. This comes after the United States denied reports of a missile attack on a warship. This sharp decline followed a short-term surge that pushed prices to multi-year highs.

A sudden spike, then a quick return to reality
Oil markets reacted swiftly when Iranian media claimed that missiles hit a U.S. warship near the Gulf of Oman. Brent crude jumped about 5%, surpassing $114 per barrel, its highest level in four years. West Texas Intermediate followed the same trend before retreating.
Why did prices fall just as quickly? The answer came from the U.S. Central Command, which categorically denied the incident. Officials stated that no U.S. Navy vessel was hit and confirmed that naval operations continued as planned. This clarification eased immediate fears but did not eliminate uncertainty.