WANA (Mar 24) – Global oil prices surged again, with Brent crude climbing to $104 per barrel, after statements by U.S. President Donald Trump regarding alleged negotiations with Iran were denied.

 

The price increase follows a sharp decline just a day earlier, when oil dropped nearly 10% to below $100 per barrel.

 

The dip came after Trump suggested a retreat from a previous ultimatum involving a potential strike on Iran’s power infrastructure—conditional on the reopening of the Strait of Hormuz—while also claiming that negotiations with Iran were underway.

 

However, Iranian officials swiftly rejected these claims, denying both Trump’s statements and any possibility of talks with the United States. The denial triggered renewed uncertainty in global markets, pushing oil prices back above the $104 mark.

 

Market analysts have also raised concerns over unusual trading activity, noting that significant and irregular transactions occurred in financial and oil markets just minutes before Trump’s remarks. Some experts suggest this could indicate potential market manipulation and opportunistic profiteering.

 

Meanwhile, analysts at Macquarie Group warn that if the Strait of Hormuz remains closed, oil prices could surge as high as $150 per barrel, further intensifying global economic pressures.