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Although Iran is officially considering U.S. proposals.
On Thursday, March 26, oil prices rose around 2%. The market reacted to the lack of agreement between the U.S. and Iran on ending the conflict. As a result, there is a risk of fuel shortages, prompting investors to factor the risk of supply disruptions into the price per barrel, Reuters reports.
Brent crude futures increased by $2.08, or 2.03%, to $104.30 per barrel, while U.S. West Texas Intermediate (WTI) futures rose by $1.93, or 2.14%, to $92.25 per barrel.
Diplomatic efforts to resolve the conflict have so far been unsuccessful, negatively affecting trader sentiment.
Although Iran is officially considering U.S. proposals for a ceasefire, Tehran refuses to enter direct negotiations on a full conflict resolution. The situation is further complicated by Washington’s tough rhetoric.
The Donald Trump administration, through its representatives, has indicated it is prepared to strike even harder if Iran does not acknowledge its military defeat. Reports indicate that the U.S. administration is analyzing the potential economic impact if oil prices surge to $200 per barrel. This underscores that negotiations have not yet produced results acceptable to all parties involved.
