Oil prices rise as traders weigh Iran de-escalation report

Oil prices were little changed on Tuesday, March 31, 2026, as investors weighed the possibility of United States President Donald Trump ending ‌the Iran war against supply shocks from a prolonged closure of the Strait of Hormuz, a key artery for global oil flows.

Brent crude futures for May were up 18 cents, or 0.16%, to $112.96 per barrel at 0438 GMT after dropping 1% earlier in the session.

The May contract expires on Tuesday and the more active June contract was at $107.10.

U.S. West Texas Intermediate futures for May fell 25 cents, or 0.24%, to $102.63 a barrel after hitting their highest point since March 9 in early trading.

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Analysts said the fall in prices is a temporary reaction to the ⁠idea of the war’s end, but any meaningful change in prices would not materialise until flows through the Strait of Hormuz are completely reinstated.

Trump told aides he is willing to end the military campaign against Iran even if the Strait of Hormuz remains largely closed and leave its reopening for a later date, The Wall Street Journal reported on Monday, citing administration officials.

On Monday, Trump warned that the U.S. would “obliterate” Iran’s energy plants and oil wells if Tehran did not reopen the waterway.

Iran’s effective closure of the Strait of Hormuz, which typically carries about a fifth of global oil supply and large numbers of liquefied natural gas tankers, has pushed Brent futures up 59% so far in March, their highest monthly gain ever, while WTI is up 58% this month, the most since May 2020.

The Star