Oil prices fluctuated as the US and Iran indicated potential openness to resolving the ongoing conflict. President Trump has signaled a willingness to end the war, even with the Strait of Hormuz remaining largely closed.
Brent futures have surged 59% in March, marking the highest monthly gain ever, while WTI is up 58%, the most since May 2020. This follows Iran’s effective closure of the Strait of Hormuz, halting almost all traffic in the key waterway and disrupting global energy shipments.
Recent reports include an incident involving a Kuwaiti tanker hit in an alleged Iranian attack near Dubai. Despite these events, oil declined following signals of a possible resolution, though prices remain elevated. More US troops have arrived in the region.