By: Economy Middle east

Oil prices climbed on Wednesday as traders evaluated contradictory signals regarding Iran following comments from U.S. President Donald Trump indicating a conclusion to the conflict without the reopening of the Strait of Hormuz.

As of 8:38 UAE time, Brent crude increased 1.34 percent to $105.36 per barrel, whereas West Texas Intermediate (WTI) oil futures for May gained 1.55 percent to $102.95 per barrel. During the previous trading day, Brent oil futures for May concluded roughly 5 percent higher at $118.31 a barrel, though the WTI finished lower at $101.62.

Brent futures achieved an unprecedented monthly increase of over 63 percent throughout March, fueled by concerns regarding extended supply interruptions. 

U.S. President Donald Trump remarked on Tuesday that Washington might exit the clash within “two to three weeks,” mentioning that Iran is not required to reach a deal to stop the conflict.

In Iran, state outlets reported that President Masoud Pezeshkian stated Tehran was prepared to conclude the conflict, while repeating key demands, strengthening expectations that talks might emerge but remain subject to specific terms.

Nevertheless, Wall Street Journal reported that Trump informed advisors he intended to stop the U.S. military operation against Iran even if the Strait of Hormuz remains mostly closed. Regardless of these diplomatic indications, the market response was subdued, as market participants weighed hopes for a truce against the actual ongoing supply disturbances. 

The Strait of Hormuz – a vital passage for nearly a fifth of the world’s oil provisions – has experienced a tanker traffic breakdown during the clash, severely limiting exports and maintaining upward pressure on prices.