Global crude oil prices saw a significant increase of more than 4% in early trading on Tuesday, with Brent crude reaching about $104 per barrel, up by approximately 4%, and US West Texas Intermediate (WTI) rising by 4.39% to $92 as of 9:30 am. The surge in crude prices between March 2 and March 23 amounted to up to 25%, with Brent crude climbing 23.38% to $95.92 from $77.74, and US WTI futures also increasing by 25.60% to $89.47 from $71.23.
The rise in oil prices follows a sharp decline in the previous session, triggered by US President Donald Trump’s announcement of a five-day halt on planned strikes and indications of progress in discussions with Iranian officials. Despite this, market sentiment turned cautious again as Iran dismissed any talks with the US, with Iran’s parliamentary speaker, Mohammad-Bagher Ghalibaf, refuting claims and accusing the spread of “fake news” to manipulate financial and oil markets.
Adding to concerns over oil supply, reports emerged of two energy facilities being targeted by airstrikes, heightening fears of escalating tensions in the region and contradicting expectations of immediate de-escalation. Worries about potential disruptions in the critical Strait of Hormuz, a vital passage for nearly 20% of global oil and LNG shipments, continued to support prices amid ongoing geopolitical tensions.
Goldman Sachs analysts have revised their oil price projections for 2026, anticipating Brent crude futures to average $85 per barrel, marking a 10.38% increase from their previous estimate of $77. Similarly, US West Texas Intermediate (WTI) is forecasted to reach $79 per barrel, up by 9.72% compared to the earlier projection of $72, as stated by analyst Daan Struyven.
