Oil Prices Rise over 4% Amid Supply Concerns as Iran Rejects US Talks Claim

Date:

NEW DELHI — Global crude oil prices jumped more than 4 per cent in early trade on Tuesday despite US President Donald Trump pausing planned strikes on Iran’s energy infrastructure. 

Brent crude rose to around $104 per barrel, up about 4 per cent, while US West Texas Intermediate (WTI) gained 4.39 per cent to $92 (as of 9:30 am).

Between March 2 and March 23, crude prices surged up to 25 per cent, with Brent crude advancing 23.38 per cent to $95.92 from 77.74. The US WTI futures also gained 25.60 per cent to $89.47 from 71.23.

The rebound in crude prices comes after a sharp sell-off in the previous session, when oil had plunged over 10 per cent following Trump’s announcement of a five-day pause on planned strikes and signals of progress in talks with Iranian officials.

However, sentiment turned cautious again after Iran rejected claims of any negotiations.

Iran’s parliamentary speaker, Mohammad-Bagher Ghalibaf, said no talks had taken place with the US, adding that “fake news is used to manipulate the financial and oil markets,” in a post on X.

Further adding to supply concerns, reports suggested that two energy facilities had been hit by airstrikes, raising fears of escalation in the region and contradicting expectations of a near-term de-escalation.

Concerns over potential disruption in the Strait of Hormuz — a critical transit route for nearly one-fifth of global oil and LNG supplies — continued to underpin prices amid the ongoing conflict.

Moreover, Goldman Sachs’ analysts have raised their oil price forecasts for 2026, expecting that Brent crude futures will average $85 per barrel in 2026, an increase of 10.38 per cent from its earlier estimate of $77. 

Similarly, US West Texas Intermediate (WTI) is projected at $79 per barrel, up 9.72 per cent compared to the previous forecast of $72, analyst Daan Struyven said in a note. – IANS

Share post:

Popular

More like this
Related

Pakistan Steps Up Efforts to Save US-Iran Truce Before Expiry

Islamabad is urging Washington and Tehran to extend their...

Nashik TCS Row: Hindu Professor Heavily Trolled, Threatened for Backing Nida Khan

The academic from Kerala emphasises shared humanity over religious...

Uddhav Thackeray Dares BJP to Set Aside ED, CBI for Fair Fight

MUMBAI -- Shiv Sena (UBT) chief Uddhav Thackeray on...

Kharge Criticises Modi’s Address, Raises Concerns Over Handling of Women’s Quota Issue

NEW DELHI -- Congress president Mallikarjun Kharge on Saturday...