Iran denies that oil prices rose more than 1% after negotiations with the US

LootboxPhobia · 2026-03-23T23:55:19+00:00

On Tuesday morning in Asia, oil prices rose as Iran denied conducting negotiations with the United States. U.S. WTI crude oil futures climbed to $89.10 per barrel. Despite Trump's claims of effective dialogue with Iran, Iranian officials refuted the statement, intensifying market uncertainty regarding Middle East tensions. The conflict has persisted for four weeks, with Iran blocking the Strait of Hormuz affecting global oil prices.

LootboxPhobia

2026-03-23 23:55:19

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Investing.com - During Tuesday’s Asian morning trading, oil prices rose after Iran denied negotiations with the U.S. since the start of the war, contradicting President Donald Trump’s statements.

As of 19:04 Eastern Time (23:04 Beijing Time), U.S. WTI crude futures increased by 1.1% to $89.10 per barrel.

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On Monday, oil prices plummeted over 10% after Trump delayed threats to bomb Iran’s power grid, claiming to have had “very good and productive” talks with an undisclosed Iranian official.

Trump said he postponed plans to attack Tehran’s energy grid by five days.

However, Iran’s Parliament Speaker Mohammad Bagher Ghalibaf stated on social media that no such negotiations took place, causing uncertainty in the market regarding the war situation and Middle Eastern oil supplies.

Reuters reported that although there are no direct negotiations between the U.S. and Iran, Egypt, Pakistan, and Gulf countries are passing messages between the two sides. Iran’s Foreign Ministry is also believed to be outlining measures to de-escalate tensions.

But on Monday, there were hardly any signs of a halt in hostilities in the Middle East, with conflicts entering their fourth consecutive week. Since Iran effectively blockaded the Strait of Hormuz— a critical route supplying about one-fifth of global oil consumption—oil prices surged to nearly $120 per barrel.

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