Oil Rises as Iran Tensions Persist

2026-03-30 11:57 By Agna Gabriel 1 min. read

WTI crude oil futures climbed back toward $100 per barrel on Wednesday, trimming earlier gains of more than 3% after President Donald Trump signaled a possible deal to end military operations in Iran, while still warning of major strikes on key infrastructure including Kharg Island if the Strait of Hormuz is not reopened.

Prices had moved higher earlier as additional US troops were deployed to the region and Iran backed Houthi forces in Yemen joined the conflict, escalating tensions.

The war has largely blocked the vital Hormuz passage, through which about a fifth of global oil flows, raising fears of further supply disruptions and pushing crude sharply higher in recent weeks.

The conflict, now in its fifth week, has intensified attacks across the region and lifted oil prices by around 50% over March, marking one of the steepest monthly rallies on record.



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