Oil prices today: Crude climbs as markets weigh Trump's signal on possible end to Iran war
Oil prices rose on Wednesday, with Brent crude climbing above the $100 per barrel mark and US West Texas Intermediate (WTI) crude also gaining sharply.
Brent crude rose by 0.63 per cent to $104.63 per barrel. WTI crude rose by 0.95% to $102.34 per barrel, while WTI futures for June rose 46 cents, or 0.49%, to $103.62 per barrel.
Brent had recorded a record monthly gain of 64% in March, the largest since LSEG data tracking began in 1988.
Analysts said that the rise reflects continued market concern over supply risks, despite signs that the US and Iran may be edging closer to a negotiated end to the ongoing war, according to Reuters.
"Even with diplomatic channels reportedly still active and intermittent comments from the US administration predicting a short end to the conflict, the combination of limited tangible progress, continued maritime attacks, and explicit threats against energy assets keeps supply risks skewed to the upside," LSEG analysts said.
Oil prices recovered some losses from Tuesday, when Brent crude had settled down more than $3 after reports suggested that Iran’s president was ready to end the war.
US President Donald Trump told reporters that the military campaign could end within two to three weeks, adding that Iran does not have to make a deal for the conflict to conclude.
Analysts said that even if the conflict ends soon, infrastructure damage in the region is likely to keep supplies tight.
The Strait of Hormuz, a critical route for around 20% of global oil and LNG trade, remains a key factor in supply concerns.
Trump has suggested the war could end before the strait is reopened.
OPEC oil output dropped by 7.3 million barrels per day in March compared with February, according to a Reuters survey, reflecting export cuts tied to the Hormuz closure.
Analysts have raised their annual oil price forecasts sharply: Brent is now expected to average $82.85 per barrel in 2026, about 30% higher than February’s forecast of $63.85, marking the steepest annual forecast revision in Reuters’ monthly oil poll data since 2005.
Brent crude rose by 0.63 per cent to $104.63 per barrel. WTI crude rose by 0.95% to $102.34 per barrel, while WTI futures for June rose 46 cents, or 0.49%, to $103.62 per barrel.
Brent had recorded a record monthly gain of 64% in March, the largest since LSEG data tracking began in 1988.
Analysts said that the rise reflects continued market concern over supply risks, despite signs that the US and Iran may be edging closer to a negotiated end to the ongoing war, according to Reuters.
"Even with diplomatic channels reportedly still active and intermittent comments from the US administration predicting a short end to the conflict, the combination of limited tangible progress, continued maritime attacks, and explicit threats against energy assets keeps supply risks skewed to the upside," LSEG analysts said.
Oil prices recovered some losses from Tuesday, when Brent crude had settled down more than $3 after reports suggested that Iran’s president was ready to end the war.
US President Donald Trump told reporters that the military campaign could end within two to three weeks, adding that Iran does not have to make a deal for the conflict to conclude.
Analysts said that even if the conflict ends soon, infrastructure damage in the region is likely to keep supplies tight.
The Strait of Hormuz, a critical route for around 20% of global oil and LNG trade, remains a key factor in supply concerns.
Trump has suggested the war could end before the strait is reopened.
OPEC oil output dropped by 7.3 million barrels per day in March compared with February, according to a Reuters survey, reflecting export cuts tied to the Hormuz closure.
Analysts have raised their annual oil price forecasts sharply: Brent is now expected to average $82.85 per barrel in 2026, about 30% higher than February’s forecast of $63.85, marking the steepest annual forecast revision in Reuters’ monthly oil poll data since 2005.
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