Satellite tv for pc view of the Salalah oil storage fireplace in Oman. An Iranian drone strike on March 11 ignited the blaze, sending a plume over the Gulf of Oman’s strategic port amid the broader battle with Iran. Imaged March 13, 2026.
Gallo Photographs | Orbital Horizon | Copernicus Sentinel Knowledge 2026 | Getty Photographs
Oil costs rose Tuesday as U.S. President Donald Trump stated that the ceasefire with Iran was on life assist after rejecting Tehran’s counterproposal to finish the warfare, signaling the battle within the Center East may drag on.
Worldwide benchmark Brent crude futures for July gained 1.32% to $105.59 a barrel. U.S. West Texas Intermediate futures for June rose 1.62% to $99.63 per barrel.
Brent crude costs
Trump instructed reporters that the state of the ceasefire is “unbelievably weak,” calling Iran’s counterproposal to finish the battle “rubbish.”
“I might say the ceasefire is on large life assist, the place the physician walks in and says, ‘Sir, the one you love has roughly a 1% probability of residing,'” Trump stated.
For the reason that U.S. and Israeli-led warfare towards Iran began on Feb. 28, WTI and Brent are each up greater than 40%. “Oil costs have been risky and may rise additional if US-Iran dealmaking stays thorny,” Citi stated in a be aware.
Re-escalation within the Iran warfare is actually attainable, Henry Wilkinson, geopolitical and safety intelligence service agency Dragonfly’s chief intelligence officer, instructed CNBC’s “Squawk Field Asia” on Tuesday, including that Trump could ask Chinese language President Xi Jinping to press Iran to simply accept U.S. phrases later this week throughout talks between China and the U.S.
The oil market will take till 2027 to normalize if the Strait of Hormuz stays blocked past mid-June, Saudi Aramco CEO Amin Nasser warned Monday.
“If the Strait of Hormuz opens as we speak, it is going to nonetheless take months for the market to rebalance, and if its opening is delayed by a couple of extra weeks, then normalization will final into 2027,” Nasser, who heads the world’s largest oil firm, instructed traders on the corporate’s first-quarter earnings name.
— CNBC’s Kevin Breuninger and Spencer Kimball contributed to this report.
