Brent, WTI rise as Iran tensions escalate
Satellite image of the fire at the Salalah oil depot in Oman. An Iranian drone strike on March 11 ignited the fire and created a cloud of smoke over the strategic Gulf of Oman port amid the broader conflict with Iran. Viewed on March 13, 2026.
Gallo Pictures | Orbit Horizon | Copernicus Sentinel Data 2026 | Getty Images
Oil prices rose on Tuesday after US President Donald Trump said the ceasefire with Iran was on life support after rejecting Tehran’s counteroffer to end the war, signaling that the conflict in the Middle East could continue.
International comparison Brent crude oil July futures contracts rose 0.30% to $104.51 per barrel. WE West Texas Intermediate June futures rose 0.31% to $98.40 per barrel.
Brent crude oil prices
Trump told reporters the ceasefire situation was “incredibly tenuous” and called Iran’s counterproposal to end the conflict “garbage.”
“I would say the ceasefire was on massive life support where the doctor walked in and said, ‘Sir, your loved one has about a 1% chance of survival,'” Trump said. he said.
WTI and Brent have increased by over 40% since the war against Iran led by the US and Israel began on February 28. “Oil prices are volatile and could rise further if US-Iran deals remain challenging,” Citi said in a note. he said.
Henry Wilkinson, Chief Intelligence Officer at investment firm Dragonfly, added on CNBC’s “Squawk Box Asia” on Tuesday that Trump may ask Chinese President Xi Jinping to pressure Iran to accept US terms during talks between China and the US later this week.
— CNBC’s Kevin Breuninger contributed to this report.
