Oil Steadies Ahead Market Reports

Brent crude oil futures fell 2% to $102 per barrel in the first trading session of April, following a record monthly jump in March, weighed by hopes of de-escalation in the Middle East. President Trump told reporters that US forces could withdraw from Iran within two to three weeks and suggested a deal with Tehran might be possible, though not necessary to end the conflict. However, uncertainty remained as additional US troops arrived in the region, while Tehran said no formal peace talks were underway but signaled a willingness to end the war if its conditions are met. All eyes are now on Trump’s nationwide address on the Iran conflict later today. Meanwhile, Iranian drones struck fuel tanks at Kuwait International Airport, triggering a large fire and causing damage, adding to recent attacks on energy infrastructure. Elsewhere, API data showed US crude inventories surged by 10.263 million barrels last week.

Brent crude oil futures fluctuated around $103 per barrel on Wednesday, following a record monthly jump in March, as markets weighed President Trump’s remarks amid fresh attacks in the Persian Gulf. Trump told reporters that US forces could withdraw from Iran within two to three weeks and suggested a deal with Tehran might be possible but was not required to end the conflict. However, markets remained cautious as additional US troops arrived in the region, and Tehran said no formal peace talks were underway but signaled willingness to end the war if its conditions are met. All eyes are now on Trump’s nationwide address on the Iran conflict later today. Meanwhile, Iranian drones struck fuel tanks at Kuwait International Airport, triggering a large fire and damaging the tanks, adding to recent attacks on energy infrastructure. Elsewhere, API data showed US crude inventories surged by 10.263 million barrels last week.

Brent crude retreated to around $104.1 per barrel on Wednesday morning, extending losses from the prior session, as hopes rose for a Middle East de-escalation. The Wall Street Journal reported President Donald Trump may end US operations before the Strait of Hormuz reopens, aiming to avoid prolonging the war. Iran’s president echoed a willingness to halt hostilities if guarantees are secured. Yet skepticism lingered, with Iran’s past firm demands and ongoing US troop deployments heightening risks of renewed escalation. Despite the pullback, Brent surged over 60% in March, its biggest monthly gain since records began in 1988, driven by supply disruptions and damaged infrastructure across key OPEC producers. On the data front, US crude inventories soared by 10.263 million barrels in the week ended March 27, the largest build in weeks, after a 2.3 million barrel rise previously, defying forecasts for a 1.3 million barrel draw.