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Global crude oil prices rose sharply on Tuesday, climbing over 4 per cent in early trade despite US President Donald Trump pausing planned strikes on Iran’s energy infrastructure.
The gains reflect renewed concerns over supply disruptions and escalating tensions in West Asia.
Brent crude traded near $104 per barrel, up about 4 per cent, while US West Texas Intermediate (WTI) advanced 4.39 per cent to around $92 in early trade.
Over the past three weeks, crude prices have surged significantly. Between March 2 and March 23, Brent crude rose over 23 per cent, while WTI gained more than 25 per cent, highlighting strong upward momentum in global oil markets.
The latest rebound follows a sharp sell-off in the previous session, when oil prices had plunged over 10 per cent after Trump announced a five-day pause in strikes and signalled progress in talks with Iranian officials.
Market sentiment turned cautious again after Iran rejected claims of negotiations.
Iran’s parliamentary speaker, Mohammad-Bagher Ghalibaf, stated that no talks had taken place with the US, adding, “Fake news is used to manipulate the financial and oil markets.”
2/ No negotiations have been held with the US, and fakenews is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped.
— محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) March 23, 2026
Airstrikes hit two energy facilities, escalating tensions and raising supply fears. Concerns over disruptions in the Strait of Hormuz continue to support oil prices.
Goldman Sachs raised its 2026 forecasts, expecting Brent at $85 per barrel and WTI at $79.
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