WTI, Brent, Iran accuse U.S. of ceasefire breach
This photo taken on March 26, 2026, shows an oil tanker unloading crude oil at a port in Yantai in China’s eastern Shandong province.
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Oil prices rose on Thursday after Iran accused the United States of violating elements of a two-week ceasefire agreement; This has raised concerns that tensions could escalate again and disrupt energy supplies.
International benchmark Brent crude futures for June delivery rose 2.52% to $97.14, while US West Texas Intermediate crude futures for May rose 2.72% to $96.96 per barrel.
These moves came a day after US crude oil recorded its biggest single-day decline since 2020.
Iranian parliament speaker Mohammed Bagher Ghalibaf said on Wednesday that Washington had violated the terms of the ceasefire agreement.
“The deep historical distrust we have towards the United States stems from its repeated violations of all kinds of commitments, which unfortunately has been repeated once again,” Ghalibaf said in a statement published on social media. he said.
Oil prices since the beginning of the year
Ghalibaf said three elements of Iran’s 10-point ceasefire proposal had been violated: Israel’s ongoing attacks in Lebanon, a drone entering Iranian airspace, and what he described as Tehran’s denial of the right to enrich uranium.
US President Donald Trump announced on Tuesday that Iran’s offer could form the basis of negotiations.
Vice President J.D. Vance responded to the allegations during a trip to Hungary on Wednesday. Referring to the drone incident reported in Iranian airspace, Vance said, “Ceasefires are always complicated.” He noted that Washington maintains that Iran should not be allowed to enrich uranium and that any ceasefire involving Lebanon is not included in the agreement.
Now that oil is below $100 a barrel, refiners “should use this window to continue more opportunistic purchases,” said Janiv Shah, Rystad Energy’s vice president of commodity markets.
“But the transition period itself could pose the next challenge. If refiners delay purchases in anticipation of further price declines while physical flows remain constrained, product tightness could worsen even in a period of easing tensions,” he added.
