Oil prices rose sharply in global markets on Tuesday, March 24, after Iran rejected US claims of talks to ease the West Asia conflict. The rebound followed a steep drop a day earlier and reflected renewed fears over supply disruptions, especially around the Strait of Hormuz, a critical route for global oil and gas shipments. Brent crude was around $103.9–$104 a barrel in morning trade, while WTI was above $91.

Bullets

• Brent crude rose about 4% to roughly $103.94–$103.98 per barrel in Tuesday morning trade.
• US West Texas Intermediate also climbed, trading around $91.4–$91.6 a barrel.
• Prices had fallen sharply on Monday after President Donald Trump said there were “in depth” and “progressive” talks with Iran.
• Iran rejected that claim, with senior Iranian figures calling the negotiations story false.
• Fresh attacks by Iran’s Revolutionary Guards on US targets in the region renewed escalation concerns.
• Markets are focused on the Strait of Hormuz because about one-fifth of global oil and gas flows through it.
• Analysts cited ongoing risk to energy infrastructure and shipping routes as the main reason for the rebound in crude prices.
• Reuters reported Brent could move back toward $110, with more extreme upside risk if Hormuz stays blocked.
• The price swing highlights how quickly oil markets are reacting to every shift in conflict and diplomacy signals.