India, May 22 -- Crude oil markets swung violently on Thursday after US President Donald Trump claimed negotiations with Iran were entering their "final stages," triggering a sharp selloff before traders rapidly reversed course amid mounting skepticism over whether a genuine breakthrough is actually near.

Brent crude rebounded toward $106 per barrel while West Texas Intermediate climbed back near the $100 mark after investors reassessed the geopolitical risks surrounding the Strait of Hormuz, one of the world's most critical energy chokepoints.

The sharp market reversal underscored a deeper reality confronting global energy traders: despite White House optimism, fears surrounding Middle East supply disruptions remain far from resolved....