After a spike on Thursday, oil prices are fluctuating on Friday, reaching a maximum of $111.22 and a minimum of $105.06. As of 9:05 AM local time, the May contract was trading at $107.45, a decrease of 1.1%. The previous day saw Brent crude hit $119.11, the highest level since March 9, signaling a volatile market affected by geopolitical tensions. The price surge was catalyzed by escalating attacks, particularly Israel's assault on the Pars South gas field in Iran, which accounts for 70% of the country’s LNG production, and Iran's retaliation with strikes on Qatar's Ras Laffan refinery, a key source for global LNG supply. This back-and-forth has heightened market anxiety about potential supply disruptions in the already delicate energy market. Furthermore, U.S. President Donald Trump has emphasized the need for strategic responses to ensure the stability of energy prices amidst these tensions. The fluctuations in oil prices are critical, not only for the energy sector but also for global economies that are intertwined with oil supply chains.