Oil back above $100 as conflicting claims emerge on US-Iran talks
On Tuesday in Asia, the oil benchmark rose by 4% to $103.94 a barrel, while Nymex Light Sweet was 4.1% higher at $91.75. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Oil prices surged back above $100 a barrel as conflicting reports emerged about potential talks between the United States and Iran, creating market volatility.
- Brent crude oil rose 4% to $103.94 a barrel, while Nymex Light Sweet was up 4.1% to $91.75.
- Tensions escalated after President Donald Trump threatened strikes on Iranian power plants if the Strait of Hormuz was not reopened, although he later stated there had been "productive" conversations, which Tehran denied.
- About 20% of the world's oil and liquefied natural gas typically passes through the Strait of Hormuz, which has been effectively blocked by Iran since the conflict began on February 28.
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Oil Prices Surge Above $100 as US-Iran Talks Create Market Volatility - March 2026
Oil prices surged back above $100 a barrel as conflicting reports emerged about potential talks between the United States and Iran, creating market volatility. Hundreds of millions of dollars were bet on oil contracts just before US President Donald Trump announced a postponement of strikes against Iran, with the spike in trading activity occurring minutes before his social media post, leading to speculation of insider trading. Meanwhile, Slovenia became the first EU country to introduce fuel rationing on March 24 due to disruptions in global energy markets caused by US-Israeli strikes on Iran and its retaliation, a measure aimed at combating fuel tourism from neighboring countries.
