Despite US President Donald Trump postponing scheduled attacks on Iran’s energy infrastructure, early Tuesday trading saw a more than 4% increase in global crude oil prices.
At 9:30 a. m. , Brent crude increased by about 4% to about $104 per barrel, while U. S. West Texas Intermediate (WTI) increased by 4. 39% to $92.
With Brent crude increasing 23. 38% from $77. 74 to $95. 92, crude prices soared as much as 25% between March 2 and March 23. The US WTI futures also rose 25. 60 percent, from $71. 23 to $89. 47.
The rise in crude prices follows a significant sell-off in the prior session, when oil fell more than 10% after Trump’s declaration of a five-day moratorium on planned strikes and hints of improvement in negotiations with Iranian authorities.
But after Iran refuted any talks, mood shifted once more in a cautious direction.
In a post on X, Mohammad-Bagher Ghalibaf, Iran’s parliamentary speaker, stated that there had been no discussions with the US and that “fake news is used to manipulate the financial and oil markets. ”
Reports indicated that two energy installations had been struck by airstrikes, raising worries about an escalation in the area and contradicting predictions of an imminent de-escalation, which further exacerbated supply concerns.
Ongoing worries about a possible disruption in the Strait of Hormuz, which carries about one-fifth of the world’s oil and LNG supplies, continued to support prices throughout the continuing war.
In addition, Goldman Sachs’ analysts have increased their oil price predictions for 2026, anticipating that Brent crude futures will average $85 per barrel in that year, a 10. 38% increase from their previous projection of $77.
In a note, analyst Daan Struyven predicted a 9. 72% increase in US West Texas Intermediate (WTI), which is currently priced at $79 per barrel, from the previous projection of $72.