Oil prices surged on March 24, with crude climbing back above $104 per barrel as geopolitical tensions in the Gulf intensified. The rebound comes after Iran denied engaging in any negotiations with the United States, contradicting claims by Donald Trump that both sides were nearing a resolution.
In early trade, Brent crude rose around 4% to $103.94 a barrel, while US West Texas Intermediate (WTI) gained roughly 4% to $91.62. The recovery follows a steep selloff of over 10% in the previous session, triggered by optimism over a temporary pause in planned strikes on energy infrastructure.
However, sentiment quickly reversed after Tehran dismissed any diplomatic engagement, calling US statements misleading. Adding to market jitters, reports from Iran indicated fresh airstrikes on two energy facilities, raising concerns that the conflict is far from de-escalation.
The ongoing tensions continue to disrupt flows through the critical Strait of Hormuz, a vital artery for nearly 20% of global oil and LNG shipments. Supply risks from the region remain the key driver behind price volatility.
Looking ahead, analysts warn that even if tensions ease temporarily, crude prices are likely to stay supported in the $85–$90 range, with potential upside toward $110. In a prolonged disruption scenario, prices could spike as high as $150 per barrel if normal shipping through the Strait of Hormuz is not restored.
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