MW Brent oil prices claw back losses to top $100 again after hours
By Myra P. Saefong
Oil prices moved higher in electronic trading Monday evening.
Global oil prices edged higher in after-hours trading Monday to recoup a portion of the nearly 11% lost during the regular session, as traders geared up for what's likely to be another day driven by developments in the Iran conflict.
Brent for May delivery (BRNK26) (BRN00) traded at $100.46 a barrel in electronic trading, up from Monday's settlement at $99.94.
U.S. benchmark May West Texas intermediate crude (CLK26) (CL.1) also moved up in evening dealings, to $88.89 after settling at $88.13.
"Expected volatility in energy markets remains extreme," said Chris Weston, head of research at Pepperstone, in emailed commentary Monday evening.
'Expected volatility in energy markets remains extreme.'Chris Weston, Pepperstone
Brent's one-week implied volatility at 84% and one-month volatility at 90% highlights the "need for precision in position sizing and disciplined risk management," he said.
During Monday's regular session, Brent futures lost 10.9% and WTI fell 10.3%, and both settled at their lowest prices since March 11.
The weakness in oil prices Monday offered a temporary reprieve from an overall rally that has lifted Brent crude by nearly 38% so far this month.
Read: Drivers paying nearly $4 a gallon for gas see hope in falling oil prices
The losses followed comments from President Donald Trump, who postponed threatened strikes on Iranian power plants in the wake of what he referred to as "productive conversations" between the U.S. and Iran to end their war.
Mohammad Bagher Ghalibaf, the speaker of Iran's parliament, however, said in a social-media post that "no negotiations have been held with the U.S."
Overall, "there is uncertainty about the prospect of a negotiated settlement between the U.S. and Iran," said Pavel Molchanov, Raymond James investment strategy analyst. "Until there is a clear-cut outcome, headlines about a wide range of variables - military action against Iran and by Iran, as well as how many ships are transiting the Strait of Hormuz - will continue to create short-term price volatility, in either direction," he told MarketWatch on Monday evening.
For both the U.S and Iran, there are varying views about the desirability of a deal, he said, and there are likely to be lots of anonymous statements that send mixed messages in the coming days about what's happening behind the scenes.
The main focus for traders, he said, is traffic through the crucial maritime passageway, the Strait of Hormuz.
The latest data from Lloyd's List Intelligence shows that shipping activity via the Strait of Hormuz remains roughly 90% lower versus pre-war levels, said Molchanov, with most of the ships passing through having a direct link to Iran.
But there is encouraging news from Saudi Arabia, he said, with oil exports from its port on the Red Sea having climbed from 1.6 million barrels a day before the war started to 3.4 million barrels a day currently.
"This reflects the rerouting of some Saudi oil output into the East-West Pipeline," said Molchanov. "While far from a panacea, it's helping to offset a portion of the shipping disruptions."
-Myra P. Saefong
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March 23, 2026 18:04 ET (22:04 GMT)
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