The Liberia-flagged crude oil tanker Shenlong Suezmax efficiently docked at Mumbai Port after navigating the high-risk Strait of Hormuz amid the intensifying West Asia battle on March 11, 2026 in Mumbai, India.
Hindustan Times | Getty Images
Oil rose in unstable buying and selling as U.S. President Donald Trump in his handle to the nation on Iran war stated that he anticipated the battle to final one other two to 3 weeks.
U.S. West Texas Intermediate crude futures for May gained 1.7% to $101.8 a barrel as of 9:27 p.m. ET. International benchmark Brent crude rose 2.85% to $104.04 per barrel.
Earlier on Wednesday, Trump stated in a post on Truth Social that Iran had asked for a ceasefire, elevating hopes for extra oil tanker motion by means of the Strait of Hormuz. Traffic in the important strait, which used to see 20% of the world’s oil and fuel flows by means of, has successfully floor to a halt since the U.S.-Israel war in opposition to Iran started on Feb. 28.
Iran’s “New Regime President” has requested the U.S. for a ceasefire, a request will solely be thought-about if the Strait of Hormuz is “open, free, and clear,” Trump stated. “Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
The Islamic Republic, nonetheless, has denied Trump’s claim, saying that the waterway will not be reopened based mostly on the U.S. chief’s “absurd displays” and that the key transit route stays “decisively and dominantly under the control of the IRGC Navy.”
Brent
The two sides have steadily contradicted one another’s claims about the existence and standing of peace-deal talks since the war began. Trump has additionally despatched conflicting alerts, reportedly saying negotiations had been near producing a peace deal, however the U.S. was additionally ready to escalate preventing by sending hundreds of troops to the area.
Brent oil dipped below $100 per barrel for the first time in per week after Trump stated Tuesday night that he anticipated the U.S. army to wind down operations in opposition to Iran in “two or three weeks” and seemed to be declaring victory even and not using a negotiated cope with Iran. “We’ll be leaving very soon,” he stated.
