Oil prices slipped in early Asian trading as traders reacted to President Donald Trump’s remarks about the ongoing conflict with Iran. In a statement reported by The Wall Street Journal, Trump suggested he might be open to ending U.S. military operations against Iran, even if the strategically vital Strait of Hormuz remains closed. This development raised concerns that pressuring Tehran to reopen this key oil passage could prolong tensions in the region.
As of 10:31 PM ET, West Texas Intermediate futures for May delivery fell 0.72% to $102.14 a barrel, while Brent crude for the same month dropped 1% to $111.55 a barrel. Matt Gertken, chief geopolitical strategist at BCA Research, commented on Trump’s position during a segment on CNBC’s “Squawk Box Asia.” He noted, “The President’s appetite for extensive military action against Iran appears to be low,” describing Trump’s recent threats as a strategic attempt to “retract and conclude a deal.” Gertken emphasized that the U.S. is unlikely to launch a full-scale ground invasion but warned of potential escalation if progress isn’t made in negotiations.
Earlier, Trump had threatened to target Iran’s civilian energy infrastructure-specifically electricity plants, oil facilities, and potentially desalination plants-if Tehran failed to reopen the Strait of Hormuz and agree to peace terms. On social media platform Truth Social, he stated that should Iran not comply, “we will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating” these facilities.
The conflict has entered its fifth week, with tensions escalating across the region. Notably, Iran attacked a fully laden Kuwaiti oil tanker at Dubai’s port, prompting an emergency response from local authorities who confirmed the fire was extinguished. Ben Emons, Chief Investment Officer at Fed Watch Advisors, remarked that this incident represents an increased assertion of Iran’s influence over the Strait of Hormuz and poses heightened risks to global oil supplies. “What we see is a more asymmetric game, with the U.S. considering an exit strategy while Iran continues to impose costs,” he said.
Trump’s statements also included differing messages about the peace talks. He claimed Iran had agreed to “most of” a U.S.-proposed 15-point ceasefire plan, although Tehran publicly rejected these terms, insisting on maintaining control over the Strait of Hormuz. Speculation has arisen that Trump might consider deploying ground forces to seize Kharg Island, which is crucial for Iran’s oil exports, accounting for about 90% of its crude shipments.
Shipping traffic through the Strait of Hormuz, which usually carries approximately one-fifth of the world’s seaborne oil, has nearly ground to a halt since the conflict began on February 28. Experts have raised alarms about the potential consequences of a U.S. ground operation to take Kharg Island, suggesting it could escalate U.S. casualties and prolong the war’s duration and costs.
As the situation unfolds, the delicate balance between diplomatic negotiations and military readiness remains critical for the region’s stability and the global oil market. News continues to develop, and stakeholders are urged to stay updated on this evolving crisis.
Original Source: https://www.cnbc.com/2026/03/31/oil-price-today-wti-brent-trump-energy-sites-water-war-escalation-deal.html
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Publish Date: 2026-03-31 09:36:00
