Oil Price Today (March 24): Crude oil reclaims $100 despite Donald Trump postponing attack on Iranian energy. Here’s why

Synopsis

Oil prices climbed Tuesday as supply worries returned. Iran denied talks with the US, contradicting President Trump's statements. Brent crude rose to $101 a barrel, and WTI to $89.71. This rebound follows Monday's sharp selloff. Concerns over the Strait of Hormuz, a vital shipping route, persist. Disruptions continue to impact energy infrastructure in the region.

Oil prices moved higher in early Tuesday trade as supply concerns resurfaced after Iran denied engaging in talks with the United States to end the Gulf conflict. This pushed back against U.S. President Donald Trump’s claim that a deal could be within reach.

In a post on Truth Social, Donald Trump said the United States and Iran had engaged in “very good and productive conversations” aimed at a complete resolution of hostilities, adding that all planned strikes on power plants and energy infrastructure would be deferred for five days.

Crude oil price on March 24

Brent crude futures rose $1.06, or 1.1%, to $101 a barrel at 0001 GMT. U.S. West Texas Intermediate (WTI) gained $1.58, or 1.8%, to $89.71.

The rebound follows a sharp selloff on Monday, when crude dropped more than 10%. The decline came after Trump said he had ordered a five-day pause on planned strikes against Iran’s power infrastructure and indicated that “productive talks” with unnamed Iranian officials had yielded major points of agreement.

Despite the temporary pause in military action, concerns around the Strait of Hormuz persist. The ongoing conflict has effectively disrupted shipments of nearly one-fifth of global oil and liquefied natural gas passing through the key waterway.

Tehran has strongly denied any contact with Washington, calling the claims an attempt to influence financial markets. Iran’s Revolutionary Guards also said fresh attacks had been carried out on U.S. targets, dismissing Trump’s remarks as “worn-out psychological operations.”

Where are prices headed?

As per a Reuters report, international brokerage Macquarie has said that even if tensions ease in the near term, oil prices are likely to find support in the $85–$90 range, with a gradual move back toward $110 until normal flows through the Strait of Hormuz resume. The note added that if disruptions persist through April, Brent could still climb to $150 per barrel.

Meanwhile, the conflict continues to damage energy infrastructure across the region. Recent strikes hit a gas company office and a pressure-reduction facility in Isfahan. A separate projectile struck a gas pipeline supplying a power station in Khorramshahr, as reported by Iran’s semi-official Fars news agency.

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