Oil Prices Rebound Above $100 Amid U.S.-Iran Tensions
Brent crude climbed 2.9 percent to $102.84 per barrel, while West Texas Intermediate (WTI) gained 3.5 percent to $91.20, underscoring continued volatility in global energy markets.
ERBIL (Kurdistan24) — Global oil prices rebounded on Tuesday, with Brent crude rising back above $100 per barrel, a day after a sharp drop triggered by U.S. President Donald Trump’s decision to delay new strikes on Iran following what he described as “very good” talks with Tehran.
Brent crude climbed 2.9 percent to $102.84 per barrel, while West Texas Intermediate (WTI) gained 3.5 percent to $91.20, underscoring continued volatility in global energy markets.
The rebound follows a drop of more than 10 percent on Monday as traders reacted to signals of potential de-escalation between Washington and Tehran.
Despite the recovery, oil markets remain on edge. Prices had surged sharply at the start of the week amid escalating tensions, after Trump issued a 48-hour ultimatum to Iran to reopen the strategic Strait of Hormuz or face possible strikes on its energy infrastructure.
The Strait of Hormuz is a critical global chokepoint through which roughly 20 percent of the world’s oil and gas supplies pass. Disruptions to shipping through the narrow waterway have already raised concerns over supply shortages and energy security.
Earlier in the week, Brent briefly climbed above $113 per barrel, while WTI exceeded $100, marking a sharp increase compared to late February levels before the latest escalation.
The confrontation, now in its fourth week, has seen Washington and Tehran exchange threats, while Iran has launched missile and drone attacks targeting infrastructure and vessels in the Gulf. Analysts warn that markets will remain highly sensitive to any further military or diplomatic developments.