Oil jumped on Thursday as mixed messages from US President Donald Trump failed to convince traders that the prospect of talks with Iran will quickly bring an end to the war in the Middle East.
Oil jumped on Thursday as mixed messages from US President Donald Trump failed to convince traders that the prospect of talks with Iran will quickly bring an end to the war in the Middle East.
Oil storage tanks stand in this aerial photograph taken above Cushing, Oklahoma, U.S., on Tuesday, March 24, 2015. The fastest oil-inventory growth on record at the main U.S. hub may be about to end, easing concern that storage limits will be strained. Photographer: Daniel Acker
Oil edged lower as traders deciphered contradictory messaging surrounding a diplomatic push by the US to end the war with Iran.
US President Donald Trump speaks during a swearing-in ceremony in the Oval Office of the White House in Washington, DC, US, on Tuesday, March 24, 2026. Markwayne Mullin was confirmed Department of Homeland Security secretary, placing the Oklahoma senator in charge of a Trump administration immigration crackdown that has triggered a 37-day funding shutdown of the cabinet agency.
Oil gained from the highest close since mid-2022, as investors weighed whether President Donald Trump’s two-day ultimatum to Iran to reopen the Strait of Hormuz and Tehran’s threat of reprisals would lead to fresh attacks on regional energy infrastructure.
Oil gained from the highest close since mid-2022, as investors weighed whether President Donald Trump’s two-day ultimatum to Iran to reopen the Strait of Hormuz and Tehran’s threat of reprisals would lead to fresh attacks on regional energy infrastructure.
A man walks along the shore as oil tankers and cargo ships line up in the Strait of Hormuz, seen from Khor Fakkan, United Arab Emirates, on, March 11, 2026.
Oil extended gains to more than 10% following attacks on some of the Middle East’s most important energy facilities, raising concerns of an escalating impact from the almost three-week-old conflict that has no end in sight.
Oil extended gains to more than 10% following attacks on some of the Middle East’s most important energy facilities, raising concerns of an escalating impact from the almost three-week-old conflict that has no end in sight.
China, the world’s biggest crude importer, is close to tapping its vast commercial oil reserves as the Middle East war shows no signs of ending, according to FGE NexantECA.
China, the world’s biggest crude importer, is close to tapping its vast commercial oil reserves as the Middle East war shows no signs of ending, according to FGE NexantECA.
Oil storage tanks at a China Petroleum & Chemical Corp. (Sinopec) facility near Ningbo, China. Photographer: Qilai Shen/Bloomberg
Crude rallied after Iran said some of its energy facilities had come under attack and threatened retaliation on oil and gas facilities in neighboring countries.
Crude rallied after Iran said some of its energy facilities had come under attack and threatened retaliation on oil and gas facilities in neighboring countries.
An oil pump jack in Corpus Christi, Texas, US, on Saturday, Feb. 28, 2026. President Donald Trump's decision to strike Iran creates new risks for a significant chunk of the world's oil supply. Photographer: Eddie Seal/Bloomberg
Oil recovered as Iran continued attacks on energy infrastructure around the Middle East and Israel said it killed senior Iranian officials.
MIDLAND, TEXAS - MARCH 12: Storage tanks that are part of a system for holding waste water and crude oil are seen as companies drill for oil in the Permian Basin oil field on March 12, 2022 in Midland, Texas. President Joe Biden imposed a ban on Russian oil, the world’s third-largest oil producer, which may mean that oil producers in the Permian Basin will need to pump more oil to meet demand. The Permian Basin is the largest petroleum-producing basin in the United States. (Photo by Joe Raedle/Getty Images)
Saudi Arabia is giving long-term oil customers the option of receiving their allocations for April via the Red Sea port of Yanbu as it prepares for lengthy disruptions in the Strait of Hormuz.
Saudi Arabia is giving long-term oil customers the option of receiving their allocations for April via the Red Sea port of Yanbu as it prepares for lengthy disruptions in the Strait of Hormuz.
Abu Dhabi National Oil Co. cut the volume of crude for its onshore partners by about a fifth for this month, although the flows will still go to a port outside the all-but-shuttered Strait of Hormuz.
Abu Dhabi National Oil Co. cut the volume of crude for its onshore partners by about a fifth for this month, although the flows will still go to a port outside the all-but-shuttered Strait of Hormuz.
A commercial vessel offshore in Dubai on March 11. Source: -/AFP
Brent crude traded above $100 a barrel following one of the most volatile weeks ever for the oil market, with investors bracing for more upheaval as Iran pledged to keep the vital Strait of Hormuz effectively shut.
Brent crude traded above $100 a barrel following one of the most volatile weeks ever for the oil market, with investors bracing for more upheaval as Iran pledged to keep the vital Strait of Hormuz effectively shut.
An oil pump jack in Corpus Christi, Texas, US, on Saturday, Feb. 28, 2026. President Donald Trump's decision to strike Iran creates new risks for a significant chunk of the world's oil supply. Photographer: Eddie Seal/Bloomberg
Brent crude rose near $100 a barrel as traders weighed the outlook for shipping through the Strait of Hormuz, the chokepoint through which a fifth of global oil typically flows.
Brent crude rose near $100 a barrel as traders weighed the outlook for shipping through the Strait of Hormuz, the chokepoint through which a fifth of global oil typically flows.
Tankers docked at the Phillips 66 Freeport Terminal in Freeport, Texas, US, on Friday, Jan. 16, 2026. Oil traders and US refiners are rushing to position for access to Venezuelan crude after the Trump administration said it would take control of as much as 50 million barrels, one of the largest unexpected supply flows in years. Photographer: Mark Felix/Bloomberg
China’s vast reserves of crude oil are giving its refiners breathing space as war in the Middle East roils production and shipping — a payoff from years of stockpiling and diversifying supply.
China’s vast reserves of crude oil are giving its refiners breathing space as war in the Middle East roils production and shipping — a payoff from years of stockpiling and diversifying supply.
China purchased more crude in the first two months of the year as the country continued to hoard oil to guard against supply disruptions.
A crude oil tanker is guided to a berth at the oil terminal at the port in Qingdao, in China's eastern Shandong province on March 7, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT
Oil tumbled amid mounting assurances from global leaders that policy interventions will blunt the impact of the Iran war on energy prices, while the conflict continues to disrupt crude production and refining in the Middle East.
Oil tumbled amid mounting assurances from global leaders that policy interventions will blunt the impact of the Iran war on energy prices, while the conflict continues to disrupt crude production and refining in the Middle East.
US oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.
US oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.
Fuel storage tanks at the Sunoco LP Terminal in Crockett, California, US, on Sunday, March 1, 2026. Oil surged by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil, with the effective closure of the critical Strait of Hormuz.
Brent crude futures hit $90 a barrel for the first time in almost two years as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
Brent crude futures hit $90 a barrel for the first time in almost two years as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
Oil headed for the biggest weekly surge since 2022 as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
Oil headed for the biggest weekly surge since 2022 as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
A pumpjack near Driscoll, Texas, US, on Sunday, March 1, 2026. Oil surged by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil, with the effective closure of the Strait of Hormuz. Photographer: Eddie Seal/Bloomberg
Oil climbed as the deepening conflict in the Middle East disrupted crude flows to key buyers, with top importer China seeking to conserve fuel as Iran and the US and Israel vowed to press on with hostilities.
Oil climbed as the deepening conflict in the Middle East disrupted crude flows to key buyers, with top importer China seeking to conserve fuel as Iran and the US and Israel vowed to press on with hostilities.
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