Oil prices moved back above $100 on Tuesday as renewed fighting between Israel and Iran weakened expectations of a quick end to the ongoing conflict, now in its fourth week.
Brent crude rose nearly 1.8% to $101.7 per barrel, while WTI climbed 2.8% to $90.6, according to data reported by CNN. Prices had earlier surged past $114 on Monday after US President Donald Trump war45*968/]]
ned Iran of potential strikes on its power infrastructure if it failed to reopen the Strait of Hormuz.
Oil price rises as Middle East attacks continue https://t.co/mkiKHxUsYl
— The Times and The Sunday Times (@thetimes) March 24, 2026
However, the rally briefly reversed after Trump said there were “productive conversations” with Iran and delayed military action by five days. Iran denied any direct talks with Washington, though CNN reported that countries like Turkey and Egypt are attempting mediation.
Despite diplomatic signals, both sides continued overnight strikes. Analysts told Deutsche Bank that markets had initially reacted positively to talk of negotiations, but uncertainty remains as violence persists.
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TIPP Staff
