Key Takeaways

Brent crude temporarily traded under $100 per barrel, declining more than 5% before staging a partial rebound
President Trump indicated the United States might withdraw from Iran in two to three weeks
Despite the decline, crude prices remain approximately 40% above pre-conflict levels from late February
The Strait of Hormuz, responsible for transporting about one-fifth of worldwide oil supplies, continues to face significant disruptions
American crude stockpiles increased by 10.26 million barrels in the previous week, significantly exceeding analyst forecasts

Energy markets experienced significant turbulence on Wednesday following President Donald Trump’s indication that the United States might conclude its involvement in the Iran conflict within a matter of weeks, causing Brent crude to momentarily slip beneath the $100 per barrel threshold for the first time since hostilities commenced.

Brent crude experienced a decline exceeding 5% during its session low before clawing back some losses. The benchmark was most recently changing hands near $102.25 per barrel. Prior to the conflict’s eruption in late February, Brent had been hovering around $70 per barrel.

Brent Crude Oil Last Day Financ (BZ=F)

West Texas Intermediate crude from the United States similarly retreated, shedding 2.4% to reach $98.92 per barrel.

Speaking to the press at the White House, Trump stated that America could depart Iran within “two to three weeks.” He further noted that Iran wouldn’t necessarily need to finalize a formal agreement for hostilities to cease.

Iran’s presidential leadership suggested the nation possesses the “necessary will” to conclude the war provided it receives assurances against future attacks. Iran’s Foreign Minister Abbas Araghchi acknowledged that communications were being transmitted with the United States, though he emphasized no official negotiations were underway.

The President was slated to deliver remarks to the nation Wednesday evening at 9 p.m. Eastern time, with the White House characterizing it as an “important update on Iran.”

Despite diplomatic discussions surrounding de-escalation, military actions persisted on Wednesday. An oil tanker sustained damage near Qatar, triggering a fire that was subsequently extinguished. Officials reported no environmental harm.

Factors Keeping Crude Prices High

Oil prices continue to trade roughly 40% above their pre-March levels. The Strait of Hormuz, a critical maritime corridor facilitating approximately one-fifth of global oil transportation, has witnessed tanker movement nearly grind to a halt due to Iranian attack concerns.

The International Energy Agency characterized the disruption as the most severe supply shock in recorded history. Certain markets have seen fuel prices surge beyond $200 per barrel. American gasoline prices exceeded $4 per gallon this week, marking the first occurrence since August 2022.

Market analysts have cautioned that even a partial restoration of strait operations could require considerable time. Trump has emphasized that American allies would need to contribute to securing the waterway. According to Wall Street Journal reporting, the United Arab Emirates has advocated for Western and Asian nations to establish a coalition aimed at forcibly reopening the passage.

China and Pakistan jointly issued a statement Tuesday demanding an immediate cessation of hostilities and the restoration of safe maritime shipping.

Inventory Data Suggests Weakening Consumption

Recent figures from the American Petroleum Institute revealed that US crude stockpiles expanded by 10.26 million barrels during the past week. This figure dramatically exceeded expectations of a 1.3 million barrel decline.

API chief Mike Sommers emphasized that reopening the Strait of Hormuz represented “the critical piece” for stabilizing worldwide markets, cautioning that prices would continue climbing without restored shipping flows.

A third US aircraft carrier strike group is currently en route to the Middle East, maintaining the potential for additional escalation.

The post Crude Prices Tumble Below $100 as Trump Hints at Iran Conflict Resolution appeared first on Blockonomi.

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Filed under: Bitcoin - @ April 1, 2026 10:27 am