31.03.2026 21:15
After Iranian President Pezeshkian announced that they could accept a ceasefire if certain conditions were met, Brent crude oil prices plummeted. The price of a barrel of Brent crude fell by 3 percent, dropping below 105 dollars.
Brent crude oil prices fell by about 3 percent on Tuesday in international futures markets, dropping below $105 per barrel as volatility in the market decreased following a recent surge triggered by the war, and giving back previous gains.
BRENT CRUDE OIL DROPPED BELOW $105
The international benchmark Brent crude was trading at $103.42 per barrel as of GMT 16:45, while the U.S. benchmark West Texas Intermediate (WTI) crude oil was at $101.45.
CONFLICTS AND THE CLOSURE OF HORMUZ IMPACTED OIL PRICES
On Monday, oil prices had surged rapidly due to concerns over supply disruptions in the region following attacks on several refineries in Iran's South Pars gas field in the Persian Gulf and Iran's retaliation.
Despite the sudden rise on Monday, prices later fell below the $105 threshold; however, markets remained quite volatile due to investors' concerns that a broader conflict in the Gulf could fuel global inflation and recession risks.
As investors continue to price in geopolitical risks related to the Middle East conflict and potential disruptions in energy flows, Brent still maintains strong gains in recent sessions.