Oil Prices Skyrocket Despite Trump's Promises
- 24.03.2026, 12:36
Stock analysts have given the reason.
Oil prices in the morning of March 24 resumed growth after a sharp drop at the end of the trading session on March 23. This happened amid fears that other countries may be drawn into the war in the Middle East, reports Bloomberg.
According to the investing portal, as of 9:48 Kiev time, the cost of Brent crude oil rose by $2.59 - to $98.51 per barrel. American oil brand WTI rose by 2.39 dollars - to 90.52 dollars per barrel.
The publication notes that the cost of Brent oil at the end of the trading session on March 23 fell by 11% due to the fact that U.S. President Donald Trump postponed for five days the threat to strike Iran's energy infrastructure, saying that negotiations with Tehran are underway. The journalists add that Iranian authorities denied that talks were underway while Israel continued to attack the country.
In the meantime, Bloomberg, citing The Wall Street Journal, notes that US allies in the Persian Gulf are gradually moving closer to joining the war against Iran. According to the journalists' sources, Saudi Crown Prince Mohammed bin Salman is close to a decision to join the attacks.
"If the Gulf states join the conflict, it will mean a significant escalation," said a market analyst at global online brokerage XS.com's Lin Tran.
In the meantime, according to Iranian media, Ali Nikzad, deputy speaker of the Iranian parliament, has made it clear that full-fledged shipping through the Strait of Hormuz will not be restored and there will be no negotiations with Washington.
At the same time, according to a CBS source, Tehran is studying letters received from Washington through intermediaries.
"It is unclear how far the negotiations have progressed behind the scenes and whether the Islamic Revolutionary Guard Corps (IRGC) is willing to compromise at this stage, as it still firmly controls the Strait of Hormuz," analysts at RBC Capital Markets LLC said.
According to Bloomberg, a small number of ships have successfully exited the Persian Gulf in recent days, meaning they have also passed the Strait of Hormuz. However, the main flow of ships remains blocked.
Analysts at Macquarie predict that oil prices after Trump's statement on negotiations with Iran could fall to $85-90 per barrel, "taking into account the possible reduction of tensions." At the same time, experts expect quotes to return to the range of 110 dollars per barrel if full-fledged shipping in the Strait of Hormuz is not restored, Reuters reports.