Oil prices rise, Trump comments repeatedly undermine ceasefire expectations

MaticHoleFiller · 2026-03-28T23:07:05+00:00

Recently, oil prices have risen, and the uncertain signals from Trump have caused the market to doubt the prospects of negotiations with Iran. The closure of the Strait of Hormuz has led to disruptions in crude oil supply, disturbing the global energy market. The White House is attempting to stabilize oil prices through policy signals.

MaticHoleFiller

2026-03-28 23:07:05

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Oil prices surged, and the contradictory signals released by U.S. President Donald Trump failed to convince traders that potential negotiations with Iran would quickly resolve the Middle East conflict.

Brent rose by 5.7%, closing above $108 per barrel; WTI increased by 4.6%.

Trump expressed uncertainty over whether the U.S. is “willing” to reach an agreement with Iran.

This conflict, which has lasted nearly a month, has disrupted global energy markets, causing significant impacts in Asia and threatening to drive up global inflation.

The Strait of Hormuz, a key oil and gas transportation route, is almost completely closed, leading to daily disruptions in millions of barrels of crude oil supply while simultaneously pushing up prices for refined products like diesel and jet fuel.

Oil prices have fluctuated over the past month with major news regarding the Iranian war, and Thursday was no exception.

The U.S. warned that Iranian-backed Houthi forces may begin firing on ships in the Bab el-Mandeb Strait, further exacerbating concerns over global supply chain disruptions.

As domestic energy cost pressures increase, the White House is trying to guide prices down through a combination of rhetoric and policy signals. Trump stated that he has considered suspending the federal gas tax.

Officials in the Trump administration are reportedly assessing the economic impact if oil prices were to soar to $200 per barrel.

“The market is no longer just focused on statements but is looking for concrete progress in negotiations and a path to reopening the Strait of Hormuz,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.

May WTI crude rose by 4.6%, closing at $94.48 per barrel.

May Brent crude increased by 5.7%, closing at $108.01 per barrel.

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Editor: He Yun

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