In a post on Truth Social, Donald Trump said the United States and Iran had engaged in “very good and productive conversations” aimed at a complete resolution of hostilities, adding that all planned strikes on power plants and energy infrastructure would be deferred for five days.
Meanwhile, a semi-official Iranian news agency affiliated with the country’s paramilitary Revolutionary Guard reported early Tuesday that two energy facilities had been hit by airstrikes. The report by the Fars news agency appeared to challenge remarks by U.S. President Donald Trump, who had extended his deadline for Tehran to halt its attacks that have effectively shut the Strait of Hormuz, the narrow gateway to the Persian Gulf. Trump had earlier warned of possible strikes on Iranian power plants.
Crude oil price on March 24
Brent crude futures rose $1.06, or 1.1%, to $101 a barrel at 0001 GMT. U.S. West Texas Intermediate (WTI) gained $1.58, or 1.8%, to $89.71.
The rebound follows a sharp selloff on Monday, when crude dropped more than 10%. The decline came after Trump said he had ordered a five-day pause on planned strikes against Iran’s power infrastructure and indicated that “productive talks” with unnamed Iranian officials had yielded major points of agreement.
Despite the temporary pause in military action, concerns around the Strait of Hormuz persist. The ongoing conflict has effectively disrupted shipments of nearly one-fifth of global oil and liquefied natural gas passing through the key waterway.
Tehran has strongly denied any contact with Washington, calling the claims an attempt to influence financial markets. Iran’s Revolutionary Guards also said fresh attacks had been carried out on U.S. targets, dismissing Trump’s remarks as “worn-out psychological operations.”
Where are prices headed?
As per a Reuters report, international brokerage Macquarie has said that even if tensions ease in the near term, oil prices are likely to find support in the $85–$90 range, with a gradual move back toward $110 until normal flows through the Strait of Hormuz resume. The note added that if disruptions persist through April, Brent could still climb to $150 per barrel.
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