Global Oil Prices Rise Again After Iran Denies Talks with US
JAKARTA, KOMPAS.com - Global oil prices strengthened again by nearly 3% during trading on Tuesday (24/3/2026), after plummeting more than 10% in the previous day’s session.
This rebound was driven by rising market concerns over global energy supplies, following Iran’s denial of any discussions with the United States (US) to end the conflict in the Middle East region.
The denial contradicted a statement by US President Donald Trump, who had previously indicated that a deal with Iran could be reached soon.
Citing Reuters, Brent crude oil rose $2.89 or 2.9% to $102.83 per barrel at 14:10 WIB. Meanwhile, West Texas Intermediate (WTI) crude strengthened by $2.49 or 2.8% to $90.62 per barrel.
The increase came after oil prices had fallen more than 10% on Monday (23/3/2026).
KCM Trade Market Analyst Head, Tim Waterer, assessed that the delay had temporarily eased the war risk premium on oil prices. However, today’s price rise reflects the market’s effort to stabilise amid uncertainty.
“Today’s moderate increase only shows the market is seeking footing. Market participants realise that even though missiles are held back, the Strait of Hormuz is still far from safe,” he said.
The conflict in the Gulf region has halted nearly all shipments of around one-fifth of the world’s oil and liquefied natural gas (LNG) supply through the Strait of Hormuz. Nevertheless, two tankers bound for India were reported to have successfully passed through on Monday.
In a note to clients, Macquarie Group forecasts that oil prices will remain in the $85-90 per barrel range, with potential to return to $110 per barrel until the Strait of Hormuz fully recovers.
Moreover, if the route remains disrupted until the end of April 2026, Brent prices could potentially surge to $150 per barrel.
On the other hand, attacks on energy infrastructure continue to occur. The office of a gas company and a pressure reduction station in the city of Isfahan, Iran, were reportedly hit, while projectiles struck a gas pipeline supplying a power plant in Khorramshahr.
To alleviate supply shortages, the US has temporarily eased sanctions on Russian and Iranian oil already at sea. Industry sources state that traders are now offering Iranian crude to Indian refineries at a premium to the ICE Brent benchmark.