0738 GMT - Oil prices rebound following a 10% drop in the previous trading session, with The Wall Street Journal reporting that U.S. allies in the Persian Gulf are moving closer to joining the fight against Iran. In early trade, Brent crude gains 2.5% to $102.43 a barrel, while WTI is up 2.9% to $87.85 a barrel. Crude benchmarks plunged on Monday after President Trump postponed strikes on Iranian energy infrastructure following what he described as "productive" talks with Tehran. Iran denied holding negotiations with the U.S., but confirmed that mediation efforts were underway by other nations. "The market reaction likely reflects some retreat in the perceived risks of lengthy disruptions and of damage to energy assets," Goldman Sachs analysts write. However, severe disruptions persist, with flows through the Strait of Hormuz largely halted. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 03:39 ET (07:39 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments