Iran’s parliamentary speaker Mohammad-Bagher Ghalibaf has dismissed claims of any negotiations with the United States, calling such reports “fake news used to manipulate financial and oil markets,” triggering fresh uncertainty in global energy markets.
Following his statement, global crude oil prices surged more than 4% in early trade on Tuesday, reflecting renewed concerns over supply disruptions amid escalating Middle East tensions.
Brent crude climbed to around $104 per barrel, gaining about 4%, while US West Texas Intermediate (WTI) rose 4.39 per cent to $92 as of 9.30 am.
The rebound comes after a sharp decline in the previous session, when oil prices had plunged over 10% after US President Donald Trump announced a five-day pause on planned strikes targeting Iran’s energy infrastructure and hinted at possible diplomatic progress.
However, market sentiment quickly turned cautious after Iran categorically rejected any talks, dampening hopes of near-term de-escalation.
Adding to supply concerns, reports of airstrikes hitting two energy facilities in the region further heightened fears of escalation. The situation has also raised alarm over potential disruptions in the Strait of Hormuz — a crucial transit route that handles nearly one-fifth of global oil and LNG supplies.
Over a broader timeframe, crude prices have already seen a significant rally. Between March 2 and March 23, Brent crude surged 23.38 per cent from $77.74 to $95.92, while WTI futures jumped 25.60 per cent from $71.23 to $89.47.
Meanwhile, Goldman Sachs has raised its oil price forecasts for 2026, projecting Brent crude to average $85 per barrel, up 10.38 per cent from its earlier estimate of $77. US WTI is expected to average $79 per barrel, an increase of 9.72% from the previous forecast of $72, according to analyst Daan Struyven.
The continued volatility underscores how geopolitical tensions and conflicting signals around diplomacy are driving sharp swings in global oil markets.
(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)
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