Oil Prices Steady as Markets Weigh U.S. Strategy on Iran

PUKMEDIA

Oil prices.

Oil prices were little changed on Tuesday as investors weighed the possibility of U.S. President Donald Trump ending the war with Iran against ongoing supply risks caused by the prolonged closure of the Strait of Hormuz, a critical route for global oil flows.

According to Reuters report, Brent crude futures for May rose by 18 cents, or 0.16%, to $112.96 per barrel as of 0438 GMT, after earlier falling by 1% during the session. The May contract expires on Tuesday, while the more actively traded June contract stood at $107.10. U.S. West Texas Intermediate (WTI) futures for May declined by 25 cents, or 0.24%, to $102.63 per barrel, after reaching their highest level since 9 March in early trading.

According to The Wall Street Journal, President Trump has told aides he is open to ending the military campaign against Iran even if the Strait of Hormuz remains largely closed, potentially leaving its reopening for a later stage.

On Monday, Trump warned that the United States would “obliterate” Iran’s energy infrastructure if Tehran does not reopen the strategic waterway.

The closure of the Strait—through which roughly one-fifth of global oil supply and significant volumes of liquefied natural gas pass—has driven Brent crude up by 59% so far in March, marking its largest monthly gain on record. WTI has risen by 58% over the same period, its biggest increase since May 2020.




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