01.04.202623:45:26UTC+00Brent Slips Further Ahead of President Trump Iran Update

Brent crude futures traded around $100.49 per barrel on Thursday, extending their recent pullback as expectations for a de-escalation in the Iran conflict, now in its fifth week, continued to build. The White House is under mounting pressure to reduce tensions. President Trump indicated the US could suspend military strikes within two to three weeks, while keeping open the option of limited “spot” attacks. He earlier claimed that Iran had requested a ceasefire but insisted that any agreement would require Tehran to stop obstructing traffic through the Strait of Hormuz, an allegation Iran has denied. Markets are now awaiting his national address for further guidance.

At the same time, Fatih Birol, head of the International Energy Agency, warned that disruptions could intensify in April, noting that any prolonged closure of the Strait would restrict oil flows and weigh heavily on Europe. In the US, crude inventories rose by 5.5 million barrels to 461.6 million in the week ended March 27, far exceeding expectations and marking a sixth consecutive weekly increase, underscoring the strength of supply.