Workers at an oil refinery in Wasit province, Iraq. (Photo: THX/VNA)
At the close of trading on March 31, the prices of US West Texas Intermediate (WTI) crude oil and Brent crude oil for June 2026 delivery both fell sharply after media reports that Iranian President Masoud Pezeshkian said his country had "enough determination" to end the conflict with the US and Israel, while US President Donald Trump declared he could end the campaign within the next 2-3 weeks.
Specifically, Brent crude futures for June 2026 delivery fell by $3.42, closing at $103.97 per barrel. Similarly, WTI crude fell by $1.50 (1.46%), to $101.38 per barrel. As of approximately 8:00 AM on April 1st (Vietnam time), Brent crude was still fluctuating around $104 per barrel, while WTI crude was at $102.4 per barrel.
John Kilduff, a partner at Again Capital, asserted that the market had once again reversed course following the Iranian president's statement. He predicted that if hostilities ceased immediately, the Strait of Hormuz would reopen. Supply would then recover, largely eliminating the risks that have been driving oil prices higher recently.
Earlier, the Iranian President's office stated that in a phone call with European Council President Antonio Costa, Pezeshkian affirmed his determination to end the current conflict on the condition that essential demands are met – particularly the necessary guarantees "to prevent a recurrence of aggression."
Source: https://vtv.vn/gia-dau-giam-manh-100260320104735708.htm
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