31.03.202617:15:48UTC+00WTI Pulls Back on Iran Call for War End

WTI crude oil prices retreated to around $100 per barrel on Tuesday, paring back an earlier surge that had pushed them as high as $107. The move followed comments from the Iranian President signaling a willingness to end the war if Iran’s conditions are met. His remarks echoed US President Trump’s recent efforts to de-escalate tensions after suspending planned strikes on Iran, raising hopes of a resumption of tanker traffic from key GCC producers through the Strait of Hormuz.

Expectations of renewed supply helped cap further gains in crude prices, but the modest scale of the correction underscored market doubts about a swift peace deal. Investors remain wary given Iran’s historically inflexible demands and the ongoing buildup of US forces in the Middle East, which still threatens further escalation. Even with Tuesday’s pullback, global oil prices were on track to rise about 40% in March, reaching their highest levels since 2022 after the conflict disrupted regional exports and damaged energy infrastructure in several major OPEC producers.