Oil Prices Rise as U.S.-Iran Peace Hopes Fade
China’s LNG Imports Rebound From Eight-Year Low Kazakhstan has launched a multibillion-dollar… Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
Crude oil prices ticked higher today as hopes for a peace deal between the United States and Iran faded further, after President Trump called Iran’s response to a U.S.
Iran’s response included a list of demands that the U.S.
At the time of writing,Brent crudewas trading at $104.86 per barrel, withWest Texas Intermediateat $98.93 per barrel.
The ceasefire between Washington and Tehran was “on life support”, the U.S.
president said, as quoted by Reuters, adding that “I would call it the weakest right now, after reading that piece of garbage they sent us.
I didn't even finish reading it.” The news comes as Trump heads for China to meet President Xi, after the U.S.
Treasuryimposednew sanctions on entities involved in the sale of Iranian oil to Chinese refiners in violation of U.S.
Meanwhile, the supply crunch continues, with a Reuterssurveysuggesting OPEC production fell by 830,000 barrels daily last month to a daily average of 20.04 million barrels, despite the UAE’s and Saudi Arabia’s efforts to reroute oil flows to export terminals outside the Strait of Hormuz.
On the demand side, meanwhile, FGE NexantECA said destruction could amount to 4 million barrels daily for the second quarter of the year.
“Following strong growth in global oil demand during the first two months of the year, we forecast global oil demand in 2Q 2026 to decline by over 4 mmb/d y-o-y as the impact of the war feeds through to the economy,” the firm said.
The Middle East crisis is sending ripples across the global economy, raising fuel prices everywhere, including in the United States, where the national average on Monday hit $4.51 per gallon, prompting discussions of the temporary suspension of the federal fuel tax.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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