Oil Falls on US Diplomatic Push

2026-03-25 11:21 By Agna Gabriel 1 min. read

WTI crude oil futures dropped more than 2% to $91 per barrel on Wednesday as US diplomatic efforts to end the war with Iran gained traction, overshadowing reports of additional troop deployments and the near-closure of the Strait of Hormuz.

The US reportedly drafted a 15-point plan delivered to Iran via Pakistan to help resolve the conflict, while around 2,000 soldiers from the 82nd Airborne Division were deployed to the region to support security at the vital waterway.

Iran signaled little willingness to compromise, firing missiles at Israel and ruling out ceasefire talks, while allowing some foreign ships to transit the strait under restrictions.

The crisis has intensified global energy pressures, with Chevron warning of a potential California fuel crisis, hundreds of fuel shortages reported in Australia, the Philippines declaring a national energy emergency, and Asian nations reportedly hoarding jet fuel.



News Stream
Oil Eases After Thursday Rally
Crude oil traded around $84 per barrel on Thursday after surging 6.6% in the previous session, as markets balanced renewed geopolitical tensions against signs that oil flows through the Strait of Hormuz were improving. According to Kpler, 14 commodity vessels transited Hormuz in both directions on Wednesday, up from single-digit levels seen last week. Meanwhile, ample crude inventories in China continued to limit import demand, easing some supply concerns. Still, US forces struck dozens of Iranian military targets in an effort to curb Tehran’s ability to threaten regional shipping and US allies. Also, the East-West pipeline to bypass Hormuz that Saudi Arabia has increasingly relied on now faces risks from Iran-backed Houthis. On top of that, the Caspian Pipeline Consortium suspended oil loadings at its Black Sea terminal after two tankers associated with the facility were attacked overnight.
2026-07-30
Oil Falls After Thursday Rally
Crude oil fell below $84 a barrel on Thursday after surging 6.6% in the previous session, amid renewed US military action against Iran. President Donald Trump pledged retaliation following an Iranian strike on a US military base in Jordan, reinforcing concerns that the conflict could become more prolonged and further threaten energy supplies from the Persian Gulf. The escalation has also heightened risks to shipping through the Red Sea, a critical alternative trade route. US Central Command said its forces launched a major wave of strikes targeting dozens of Islamic Revolutionary Guard Corps sites. Meanwhile, Yemen’s Iran-backed Houthi rebels continued to threaten Saudi Arabia, while Saudi forces joined US operations against Tehran-linked militants in Iraq. Adding to supply concerns, the Caspian Pipeline Consortium suspended oil loadings at its Black Sea terminal after two tankers associated with the facility were attacked overnight.
2026-07-30
Oil Extends Gains Amid Fresh US Strikes on Iran
Crude oil rose above $85 per barrel on Thursday, extending gains from the previous session after the US carried out a fresh wave of air strikes against Iran in response to attacks on American forces across the Middle East, raising concerns over further disruptions to global energy supplies. The two sides also remained unable to reach a potential agreement as Tehran insisted on maintaining control of the Strait of Hormuz. The conflict has now expanded beyond Hormuz into the Red Sea, where Iran-backed Houthi rebels in Yemen threatened to blockade Saudi Arabia, prompting Riyadh to join US forces in launching strikes on targets in Iraq linked to Tehran-backed militants. In the US, commercial crude inventories posted their largest draw since mid-June, reinforcing signs of a tightening physical market. The nation’s strategic petroleum reserves also declined for an 18th straight week, falling to their lowest level since 1983.
2026-07-30