Oil prices rose on supply fears on Tuesday, March 24, 2026, as Iran denied it had talks with the United States to end the war in the Middle East.
Iran’s statement contradicted U.S. President Donald Trump who said a deal could be reached soon.
Brent futures rose $4, or 4%, to $103.94 a barrel at 0400 GMT, while U.S. West Texas Intermediate (WTI) climbed $3.49, or 4%, to $91.62.
Crude futures dropped more than 10% on Monday, after Trump ordered a five-day delay to attacks on Iran’s power plants, saying the U.S. had talks with unnamed Iranian officials that produced “major points of agreement”.
KCM Trade chief market analyst Tim Waterer said: “By shelving the plan to strike Iranian power plants for five days, the U.S. effectively sucked much of the ‘war premium’ from the oil price.
“Today’s moderate bounce is just the market finding its footing in the mud. Traders are aware that while the missiles are on hold, the Strait of Hormuz is still far from a clear waterway.”
Iran denies talks with US after Trump suspends attacks on power grid
The war has all but halted shipments of about one-fifth of the world’s oil and liquefied natural gas through the Strait of Hormuz. However, two tankers bound for India sailed through the strait on Monday.
Iran rejected the claim of contact with the United States, dismissing it as an attempt to manipulate financial markets, while Iran’s Revolutionary Guards said they had attacked U.S. targets and denounced Trump’s comments as “worn-out psychological operations”.
“Even with a possible decrease in tensions after (Monday’s) announcement from President Trump, we expect a price floor of $85–$90 and a natural drift back to the $110 range until the Strait of Hormuz is restored,” Macquarie said in a client note.
Macquarie added that if the Strait remains effectively shut until the end of April, Brent could reach $150 a barrel.
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