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Oil prices rose on Tuesday, March 24, 2026, paring some of the previous session’s steep losses as traders continued to assess supply risks stemming from the ongoing U.S.-Iran conflict.
Brent crude futures for May delivery gained around 1.3% to $101.21 per barrel, while U.S. West Texas Intermediate (WTI) futures climbed 2.3% to $90.19 per barrel.
The modest uptick followed a sharp sell-off on Monday, when Brent plunged roughly 11% to near $99 per barrel after having topped $112 on Friday. Markets had initially reacted positively to President Donald Trump’s announcement that he was postponing planned U.S. strikes on Iranian energy infrastructure for five days, citing “constructive conversations” with Tehran. Iran swiftly denied that any such talks were taking place.
Broader market moves remained tentative: oil prices pulled back from early gains, bond yields eased, and stocks advanced — though all instruments retreated from their initial extremes as skepticism grew over any quick de-escalation. Strikes continued on both sides of the conflict.
“The market woke up to some potentially good news,” said Chris Larkin, managing director for trading and investing at E*Trade from Morgan Stanley. “But follow-through on any relief rally will likely require tangible follow-through on the geopolitical front. We’re still living in a headline-driven market.”
Prediction market odds of a ceasefire by April 30 initially jumped above 65% following Trump’s comments but have since faded back below 50%, reflecting persistent uncertainty.
Fresh Strikes Target Iranian Gas Infrastructure
Overnight reports highlighted a troubling escalation that could further undermine prospects for near-term peace talks. Iranian state-linked Fars News Agency reported that U.S.-Israeli strikes on Monday targeted energy facilities in central and southwestern Iran.In Isfahan province, strikes hit a natural gas administration building and a gas pressure reduction station on Kaveh Street, causing material damage to the facilities and adjacent residential buildings. In Khorramshahr, near the Iraq border, a projectile struck a gas pipeline feeding a local power plant. No injuries were reported in either incident.
The attacks come just days after Trump issued a 48-hour ultimatum on March 21, threatening to destroy several Iranian power plants if the Strait of Hormuz — a critical chokepoint carrying about one-fifth of global oil shipments — was not fully reopened to shipping. Iran’s Armed Forces General Staff warned that any such strike would trigger retaliatory attacks on U.S. energy and communications infrastructure in the region.On March 23, Trump ordered a five-day postponement of strikes on Iran’s energy infrastructure, but Tehran denied holding any negotiations with Washington.
Analysts have warned that a prolonged closure of the Strait of Hormuz could drive Brent prices significantly higher, with some forecasts pointing to a potential spike toward $150 per barrel if the waterway remains blocked through April.Energy markets remain on edge, with traders braced for continued volatility as the conflict stretches into its fourth week and developments around infrastructure, shipping lanes, and diplomacy unfold rapidly.
