Crude prices moved up again on Tuesday morning, rising over 4 per cent as fresh doubts over Iran and the broader West Asia situation unsettled markets.
Brent was hovering around $104 a barrel, while US West Texas Intermediate (WTI) was up over 4 per cent to about $92.
This comes just a day after oil had dropped sharply, more than 10 per cent, on hopes that tensions might ease after the US paused planned strikes. That optimism didn’t last long.
No talks, no relief
Iran has now dismissed reports of any negotiations with the US.
Parliament Speaker Mohammad-Bagher Ghalibaf said there had been no talks, calling such claims “fake news” meant to influence markets. That one statement was enough to shift sentiment again.
With that, the focus has swung back to supply risks.
There are also reports of fresh strikes on energy-linked facilities, which have only added to the uncertainty. Traders are once again factoring in the possibility of disruptions.
Hormuz still the key pressure point
The Strait of Hormuz continues to sit at the centre of it all.
A large share of the world’s oil and LNG moves through this narrow stretch, so even the hint of disruption tends to push prices higher.
Oil has been anything but stable this month. Prices have swung sharply, climbing around 25 per cent between early March and now, driven almost entirely by geopolitical developments.
Bigger picture still points up
There’s also a longer-term angle building.
Goldman Sachs has raised its oil price forecasts for 2026, now expecting Brent to average $85 a barrel and WTI around $79, both higher than earlier estimates.