Brent crude tops $104 a barrel as hopes fade for deescalation in US-Israel conflict on Iran.
Printed On 26 Mar 2026
Oil costs have climbed greater amid fading hopes of deescalation within the Iran conflict following Tehran’s denial that talks with the US are below approach.
Futures for Brent crude, the worldwide benchmark, rose almost 2 p.c on Thursday to high $104 per barrel after Tehran dismissed reviews of direct negotiations with US President Donald Trump’s administration.
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The rise comes after oil costs eased on Wednesday following reviews that Trump had shared a 15-point plan for ending the conflict with Iran.
Asian inventory markets opened decrease on Thursday, with Japan’s Nikkei 225, South Korea’s KOSPI and Hong Kong’s Grasp Seng Index all seeing losses.
Iranian International Minister Abbas Araghchi stated in an interview with state media aired on Wednesday that Tehran was not engaged in direct talks with Washington and has “no intention of negotiating for now”.
White Home Press Secretary Karoline Leavitt warned on Wednesday that Iran could be “hit tougher” than ever earlier than if Tehran didn’t settle for army defeat.
Iran’s efficient closure of the Strait of Hormuz, a conduit for one-fifth of world oil provides, and its assaults on power amenities throughout the Center East have prompted a surge in power costs worldwide.
Oil costs are up greater than 40 p.c in contrast with earlier than the US and Israel launched strikes on Iran on February 28, prompting quite a few nations to implement gasoline rationing and different power conservation measures.
Market-watchers say costs are more likely to rise additional till delivery is free to traverse the strait, regardless of efforts by nations to bolster provide by tapping emergency stockpiles in coordination with the Worldwide Power Company.
Whereas Tehran has repeatedly claimed that the strait is open to ships that aren’t aligned with its enemies, day by day transits have all however collapsed for the reason that begin of the battle.
4 vessels have been tracked transiting the waterway through their automated identification programs on Tuesday, down from a mean of 120 day by day transits earlier than the battle, based on maritime intelligence agency Windward.
