2026.03.2523:40:36UTC+00Oil Edges Higher on Mideast Uncertainties

WTI crude futures climbed toward $91 per barrel on Thursday, recouping part of the previous session’s losses amid conflicting signals from the US and Iran over efforts to end the conflict unsettling global energy markets. Tehran stated it has no intention of entering talks with Washington and would reject a proposed ceasefire, instead setting out its own conditions, including full sovereign control over the Strait of Hormuz. The White House, however, insisted that diplomatic efforts are continuing, with Washington reportedly sending a 15-point proposal to Iran via Pakistan aimed at resolving the conflict and reopening the vital shipping lane. The near-closure of Hormuz has severely disrupted global oil flows, erasing millions of barrels per day from supply. While some tankers continue to transit the strait under Iranian protection, US-aligned countries in the Asia-Pacific—such as South Korea, Australia, and the Philippines—are facing an increasingly acute fuel shortage.